We saw that Bitcoin is volatile again in February. Now that Bitcoin has recovered to above $ 51,000, the question is whether the coin is suitable as a means of payment. Based on the examples below, we venture to doubt this (for the time being).
Toyota Prius for $ 50 million
Tesla is the first car manufacturer to accept Bitcoins. If you look at the price of the crypto coin at the moment, you may wonder whether it is wise to pay for your new Tesla in crypto. Let’s take a look back at what has been paid in the past, converted to the current value of the Bitcoin (BTC), for cars that were paid with BTC. Read, watch and shiver.
What cars have been bought for Bitcoin for impossible amounts
One of the first passenger cars to be bought with Bitcoin was a genuine Toyota Prius. Owner Michael bought the fuel-efficient car in 2013, after BTC had gone through a rather exciting year, for 1,000 Bitcoin, which was $ 22,000 at the time. By December of the same year, the value would have risen to $ 120,000. At today’s rate, he would have paid $ 51 million. See and judge for yourself whether you think it is too expensive.
Also paid with BTC: a 2014 Lamborghini Gallardo for $ 10.5 million
2013 was a good year for early BTC users. It was one of the first huge spikes in the value of the currency and put a lot of new money in the pockets of investors. One of these investors was someone who bought his Lambo on a digital bulletin board.
When the purchase took place on December 10, 2013, the dealer received 216 Bitcoin worth nearly $ 210,000. Today, that same amount would be worth nearly $ 11.1 million.
Are you curious about the current price of the Bitcoin?
This was the first Tesla to be sold for Bitcoin: $ 4.6 million
The dealer who sold the Lambo had also settled a second-hand Tesla Model S Performance from 2013 with crypto the week before. The buyer completed the purchase on December 4 – the day the coin was worth the most for all of 2013. The perfect timing resulted in a payment of 91.4 Bitcoin, or an amount of $ 113,116, today the same amount of BTC is worth more than $ 4.6 million. The dealer’s Tweet is almost cynical in retrospect.
– Lambo Newport Beach (@Lamborghini_NB) December 4, 2013
Lamborghini Huracan 2015: $ 2.15 million
If you’re familiar with the world of automotive YouTube, you may have heard of Peter Saddington. He is the founder of VinWiki and also happens to be someone who bought a car with the largest crypto coin. In November 2011, Peter bought Bitcoin when it was worth only $ 2.52. He even forgot at one point that he owned the cryptocurrency. When he bought the car he paid 45 BTC. In the video below from 2017, he calculated that due to the price increase of the Bitcoin, he had actually only paid $ 115 for that sports car. As you can see, he was quite satisfied with his purchase.
Fortunately, the glass is not half empty for him, because it is more sour to consider that those 45 Bitcoin are now worth $ 2.3 million.
Perhaps the biggest blow is this Nissan Sentra
We close with a historical transaction. This private-party deal was the first private car sale in New Hampshire to be settled in BTC. In 2014, a cryptopioneer bought a five-year-old Nissan Sentra. He paid 2.3 Bitcoin, which was around $ 2,000 at the time. At today’s rate, that’s over $ 117,000. This made this YouTube video more historical than anyone could have ever imagined.
The conversion rates are set on March 3, 2021, when the exchange rate fluctuated around $ 51,000.
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