(GOWER, Mo.) A luxurious Lamborghini is not one thing usually seen rolling out of the small city of Gower, however a automobile dealership has fairly probably offered a Dallas man his dream automobile utilizing cryptocurrency.
“I’m the primary ever to purchase a lamborhgini with Litecoin,” mentioned John Kim, Chief Litecoin Evangelist, Litecoin Basis.
For the previous 4 years, John Kim has invested in Litecoin, a kind of cryptocurrency like Bitcoin or Dogecoin. Kim compares Litecoin because the silver forex to Bitcoin’s gold.
It was a dangerous funding he poured his life into.
“I offered every little thing 4 years in the past: my home, my enterprise. I bought into my truck and left to advertise Litecoin, to push for adoption of Litecoin,” mentioned Kim, “All people mentioned I used to be loopy, they mentioned it’s a ponzi, it is digital nerd cash. What are you doing?”
Nicely, that want “nerd cash” simply landed Kim a brilliant orange Lambo paid in full with cryptocurrency. The almost $300,000 sports activities automobile was traded for 800+ Litecoins price $360 a share. It was a historic buy that in the first place the native dealership, Dennis Sneed For, wasn’t too gassed up about.
“In fact, ya know? What are we doing right here? That is some huge cash. This can be a lot of threat,” mentioned Chad Sneed, VP of Dennis Sneed Ford.
However after a couple of days of electronic mail exchanges between Kim and Sneed, the Gower dealership was all in.
“I began investigating it a bit extra. I’ve a coin-based account which trades cryptocurrency. Realized, ‘Hey, this appears fairly easy in case you’re keen to pay the transaction charges concerned, we’d be completely satisfied to take the litecoin. Let’s do it,’” mentioned Sneed.
On Thursday, after Litecoin hit $360 per ‘coin,’ the deal was made. Kim traded a few of his cash for the luxurious automobile and made his nine-hour journey again house to Dallas, Texas. However Kim mentioned earlier than you promote every little thing you personal for cryptocurrency, pump the breaks.
“Don’t try this. I’m an all in, all out kind of man,” mentioned Kim, “Do your personal analysis, take a while to be taught why we want Bitcoin and Litecoin after which bounce in a bit bit to check the waters. Don’t make investments cash you may’t afford to lose.”
For Kim, it was an funding definitely worth the threat and one which up to now has paid off in essentially the most luxurious method.