Crypto investor sold BTC to buy a car
Commenters on Reddit compared this purchase to the famous Bitcoin pizza
The author sold coins because he was tired of holding
International consortium of news organizations developing transparency standards.
Bitcoin investor sparks a storm on Reddit by saying he sold bitcoins to buy his dream car – Audi RS3 Quattro.
The post, published on Friday, August 28, garnered nearly 500 conflicting comments. The Reddit member does not disclose at what price he bought BTC, however, it seems that he decided to leave the market just at the moment when all the fun begins..
In this cycle, experts make optimistic forecasts for bitcoin, including due to low yields on other asset classes and the Fed’s aggressive monetary stimulus policy. Reddit contributor G99SEMAN decided to sell coins for one key reason – he was tired of walking around (hold).
Community members wanted to know why this person did not spend the proceeds on something more modern, for example, at least the Tesla Cybertruck. Well, or did not wait for the release of the Audi 2021 model. However, the author of the post does not regret anything. According to him, the new model is too ugly for his taste. Here’s what his brand new car looks like..
Another bitcoin pizza?
The car begins to fall in price as soon as it leaves the assembly line, and this fact became the main reason for criticism. Bitcoin, according to forecasts, will only rise in price over time..
One of the most popular comparisons on Twitter is with a guy who spent 10,000 BTC on two pizzas in 2010. At today’s exchange rate, it is millions of dollars..
How to buy and sell Bitcoin – Bitcoin 101
As another Reddit member pointed out, the pizza buyer actually used BTC for payment, that is, used the coin for one of its primary purposes. But the person who bought the car first sold BTC for fiat, and then paid for the car..
Meanwhile, G99SEMAN is not the only one selling cryptocurrency to achieve a certain life purpose. One of the commenters on the Reddit thread described how he parted ways with LINK to pay the bills:
“Hello buddy, congratulations on the hodl and the car. I sold my link coins to pay off my credit card debt. Don’t listen to anyone, live your mind. In any case, these coins are useless until you sell them. “.
Too Late to Buy Bitcoin? – An Honest Answer
The market has been rife with bullish forecasts for Bitcoin lately. Not so long ago, bitcoin billionaires Cameron and Tyler Winklevoss announced that over the next ten years, the bitcoin rate will rise to $ 500,000, displacing gold. Civic founder Vinnie Lingham believes the coin won’t stay long below 12,000.
It looks to me that #Bitcoin is poised for another leg up, with an overshoot above $ 15k, but then a retrace and heavy consolidation around $ 14k for a few weeks at least. I doubt this sub- $ 12k price holds for much longer and $ 10k represents strong support right now.
So I Got Bitcoin (How To Buy Bitcoin UK)
– Vinny Lingham (@VinnyLingham) August 28, 2020
Time will tell if a Reddit member who trades a valuable asset for his dream car will bite his elbows.
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