Career entrepreneur Peter Saddington bought a Lamborghini with part of his bitcoin holdings as the price exploded to a new all-time high in the first two weeks of October. And not only was he able to purchase the Lambo with bitcoin, he got away with only paying $115 for the supercar.
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Today, Bitcoin is all over the news, seemingly hitting a new record high every other day. But at one point in time, one bitcoin only cost a couple bucks. This where Saddington’s fortune comes into play.
Road to the Bitcoin Lamborghini
A life-long entrepreneur, Saddington had taken on multiple ventures, many of which were unsuccessful. Bitcoin, though, ended up being the best invesment decision he ever made.
Saddington admits it to be a lucky investment, having bought his first bitcoin way back in 2011. When he bought in, the bitcoin price was $2.52. In a youTube video telling his story, Saddington said he made the investment without much thought, and didn’t really check up on it until 2014 — when bitcoin hit $250.
It was then, he said, that he realized the potential of cryptocurrency. And he’s been 100% behind bitcoin ever since.
“It is a great technology for a great investment and it really is the future of money,” Saddington said in his video.
A $20 Million Lambo? Treat Yourself
Come October 2017, and Saddington’s cheap investment from 2011 had earned enough profit to allow him to purchase the Lamborghini. Rather than selling his coins at an exchange and buying the car with fiat, however, Saddington made the entire purchase with bitcoin.
Based on what he paid for the bitcoins in 2011, Saddington said his car only cost around $115. Profit from the skyrocketing bitcoin price took care of the rest.
He bought the car in despite the Bitcoin Lambo memes warning against buying a car with the rapidly-appreciating bitcoin. Saddington acknowledged that his purchase may end up costing him $20 million in the future as bitcoin’s value goes up. “But sometimes you just have to reward yourself,” he said.
A long time in the making, Saddington recalls the years leading up to his Lambo purchase. He said he had looked into buying a Lamborghini in the past — without bitcoin — but his wife shot him down. She told him Lamborghinis were too “gangster rap,” and that he should buy something more tasteful.
Saddington’s consolation prize was nothing to sneeze at, however. Instead of the Lambo, he bought an Audi R8, and proceeded to put so much money into the car that he could have just bought a Lamborghini outright, he said.
A few years later, after a precious moment involving a friend’s Lamborghini and their young son, Saddington received his wife’s approval as he looked at a Lambo he could buy with bitcoin. The rest is history. According to Saddington, he became the first person ever to buy a Lamborghini with bitcoin, earning his car the name, “Bitcoin Lambo.”
Another Step Towards the Moon
While Saddington may be the first Lambo owner to purchase the supercar with bitcoin, he isn’t the first to celebrate his investment success in an extravagant way.
In 2013, an anonymous Bitcoiner used the cryptocurrency to purchase a Tesla Model S from a dealership in Newport Beach, California that had recently started accepting bitcoin as payment. CNN Money reported that the man purchased the car for $103,000, equivalent to 91.4 bitcoins at the time. News of the purchase went viral, after which the dealership said it received around 10 calls from people interested in buying a car with bitcoin.
Today, that 91.4 bitcoin Tesla is worth $536,370.
What’s the most expensive thing you’ve ever bought with bitcoin? Let us know in the comments.
Image via VinWiki//YouTube