(GOWER, Mo.) A luxurious Lamborghini is not one thing sometimes seen rolling out of the small city of Gower, however a automotive dealership has fairly probably offered a Dallas man his dream automotive utilizing cryptocurrency.
“I’m the primary ever to purchase a lamborhgini with Litecoin,” stated John Kim, Chief Litecoin Evangelist, Litecoin Basis.
For the previous 4 years, John Kim has invested in Litecoin, a sort 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 part 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,” stated Kim, “All people stated I used to be loopy, they stated it’s a ponzi, it is digital nerd cash. What are you doing?”
Properly, that want “nerd cash” simply landed Kim a shiny orange Lambo paid in full with cryptocurrency. The almost $300,000 sports activities automotive was traded for 800+ Litecoins value $360 a share. It was a historic buy that at the beginning the native dealership, Dennis Sneed For, wasn’t too gassed up about.
“After all, ya know? What are we doing right here? That is some huge cash. It is a lot of danger,” stated Chad Sneed, VP of Dennis Sneed Ford.
However after a number of days of e mail exchanges between Kim and Sneed, the Gower dealership was all in.
“I began investigating it a little bit extra. I’ve a coin-based account which trades cryptocurrency. Realized, ‘Hey, this appears fairly simple should you’re keen to pay the transaction charges concerned, we’d be completely happy to take the litecoin. Let’s do it,’” stated Sneed.
On Thursday, after Litecoin hit $360 per ‘coin,’ the deal was made. Kim traded a few of his cash for the posh car and made his nine-hour journey again house to Dallas, Texas. However Kim stated earlier than you promote every part you personal for cryptocurrency, pump the breaks.
“Don’t do this. I’m an all in, all out sort of man,” stated Kim, “Do your personal analysis, take a while to study why we want Bitcoin and Litecoin after which leap in a little bit bit to check the waters. Don’t make investments cash you possibly can’t afford to lose.”
For Kim, it was an funding well worth the danger and one which to this point has paid off in probably the most luxurious method.