(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 Foundation.
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 foreign money to Bitcoin’s gold.
It was a dangerous funding he poured his life into.
“I offered all the things 4 years in the past: my home, my enterprise. I received into my truck and left to advertise Litecoin, to push for adoption of Litecoin,” stated Kim, “Everybody stated I used to be loopy, they stated it’s a ponzi, it is digital nerd cash. What are you doing?”
Well, that want “nerd cash” simply landed Kim a shiny orange Lambo paid in full with cryptocurrency. The practically $300,000 sports activities automotive was traded for 800+ Litecoins value $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.
“Of course, ya know? What are we doing right here? This is some huge cash. This is quite a lot of threat,” stated Chad Sneed, VP of Dennis Sneed Ford.
But after a number of days of electronic mail exchanges between Kim and Sneed, the Gower dealership was all in.
“I began investigating it somewhat extra. I’ve a coin-based account which trades cryptocurrency. Realized, ‘Hey, this appears fairly simple if you happen to’re keen to pay the transaction charges concerned, we’d be glad 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 luxurious automobile and made his nine-hour journey again residence to Dallas, Texas. But Kim stated earlier than you promote all the things you personal for cryptocurrency, pump the breaks.
“Don’t try this. I’m an all in, all out kind of man,” stated Kim, “Do your individual analysis, take a while to be taught why we want Bitcoin and Litecoin after which leap in somewhat bit to check the waters. Don’t make investments cash you’ll be able to’t afford to lose.”
For Kim, it was an funding definitely worth the threat and one which thus far has paid off in probably the most luxurious manner.