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David Nguyen
David Nguyen

Bitcoin Buy Lamborghini

Peter Saddington, a 35-year-old coder living in Atlanta, paid 45 bitcoins to ride off in a 2015 Lamborghini Huracan (price tag: $200,000) last fall, at the height of the crypto craze. Those coins cost less than $3 a piece when Saddington bought the digital currency back in 2011.

bitcoin buy lamborghini

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A family from the East Coast fell in love with a $3.2 million home on Manhattan Beach. Her client, who asked not to be named, wanted to pay in bitcoin. But the seller's agent was dead-set against it. Moretti said they had to find a way to show they weren't trying to scam the seller.

A general manager at Lamborghini Newport Beach in Costa Mesa, California, told CNBC that the dealership had "over 10 transactions" involving cryptocurrency in December, when bitcoin reached $19,000 per coin. That's up from about two transactions a month between 2013 and 2016.

In 2014, a 4chan user spent 216 BTC and bought a Lamborghini Gallardo for $210,000 at Lamborghini Newport Beach using a third-party service that verifies bitcoin. The legend goes that the user leaked the buy on Reddit, and news of the purchase went viral. The dealership that sold the car proclaimed it was the first exotic car dealer to accept Bitcoin as a payment method.

Mazeedi began buying up bitcoin in 2013, when a single bitcoin cost just $280. He claims to have bought over a thousand. This November, Bitcoin rose to $16,500 each. Calculating the return on his original $280 purchase price, that is a gain of 5,900% on his initial investment.

Early adopters of the bitcoin didn't know what they were getting into when they first started to invest in the technology back in 2011. Today, however, they are considered pioneers and are super rich just because they got into the crypto space at the right time.

While the value of bitcoin has dropped sharply since January 2018, it's still seven times its value from 2017. The crypto boom, therefore, has had a cascading effect on how millennial investors go about their investments and it has thereby given rise to a number of millionaires who got rich in the past 2-3 years.

And that's not all. As the price of the bitcoin skyrocketed back in 2017, so did the sales of crypto community's favourite ride. The Lamborghini Newport Beach in Costa Mesa, California used to sell 1-2 Lambos to owners of the digital currency every month but back in December 2017, they sold over ten vehicles on the back of rising bitcoin prices. Since then, however, the cryptocurrency fell sharply and so did the sales.

A Lamborghini is an Italian luxury brand of automobile worth between $200,000 and $500,000. It became the status symbol of early crypto investors who purchased one from their successful crypto investment. One such investor is Peter Saddington, who cashed out $200,000 in 2015 from investing in 45 bitcoins he bought for under $115.

Stories are legion of the sway these expensive beasts hold among crypto enthusiasts. One cryptocurrency exchange even rented out Lamborghinis just to park them outside a blockchain conference in New York City way back in 2018. The idea was to subtly indicate the presence of big-shot names in the meeting to outsiders. Discussions on Lamborghinis invariably lead to a spike in the use of hashtags #bitcoin and #blockchain, according to data from Brandwatch, indicating the close link.

Even with surging crypto prices over the last decade, you would still need at least three or four bitcoin to afford a Lamborghini. (Although that could change tomorrow.) The typical model ranges from $200,000 to $500,000.

In contrast to traditional financial instruments like stocks or bonds, trading in bitcoin and other cryptocurrencies trading attracts a much younger and digitally savvy crowd. They share lots of information, knowledge, and trading strategies on specialized online forums, most prominently on Reddit (see r/Bitcoin and r/CryptoCurrency). There you will most certainly encounter the use of several acronyms ubiquitous in the world of crypto.

Serial entrepreneur Peter Saddington joins us on Winner Take All to discuss the current bitcoin bull market, his new IoT project Emrit, and content platform censorship. Peter created a $10M venture capital fund to invest in blockchain and IoT, has founded 4 startups, and authored multiple books on Scrum, Agile, and Personal Branding. Peter has had multiple large channels censored by YouTube and discusses with Applico CEO Alex Moazed how he sees free speech being suppressed on content platforms. Saddington also lists some of his favorite alt coins for 2021, shares what impacts he thinks decentralized finance can have on the the planet, and recounts buying the first bitcoin Lamborghini for $115. 041b061a72


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