(GOWER, Mo.) A luxurious Lamborghini is not one thing sometimes seen rolling out of the small city of Gower, however a automobile dealership has fairly probably bought a Dallas man his dream automobile 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 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 bought every 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,” stated Kim, “Everyone stated I used to be loopy, they stated it’s a ponzi, it is digital nerd cash. What are you doing?”
Effectively, that want “nerd cash” simply landed Kim a vivid orange Lambo paid in full with cryptocurrency. The practically $300,000 sports activities automobile was traded for 800+ Litecoins value $360 a share. It was a historic buy that initially 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 just a few days of e-mail exchanges between Kim and Sneed, the Gower dealership was all in.
“I began investigating it slightly extra. I’ve a coin-based account which trades cryptocurrency. Realized, ‘Hey, this appears fairly simple for those who’re keen to pay the transaction charges concerned, we’d be completely satisfied 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 automobile and made his nine-hour journey again dwelling to Dallas, Texas. However Kim stated earlier than you promote every thing 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’d like Bitcoin and Litecoin after which leap in slightly 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 danger and one which thus far has paid off in probably the most luxurious manner.
— to www.kq2.com