Motor Cars of Georgia, a luxury car dealership near Atlanta, recently had some big names at their establishment. Quavo, a member of the rap group Migos, and NBA legend Shaquille O’Neal both just recently purchased new cars there.
Along with these sales, the dealership made another historic sale when it sold one of their 2015 Lamborghini Huracans for 45 Bitcoins. The coins cost cryptocurrency investor Peter Saddington less than $115 when he bought them in 2011.
Saddington studied computer science at Florida State before earning three master’s degrees in counseling, education and theology from Luther Rice College & Seminary in Georgia. He first bought Bitcoin in 2011.
A single Bitcoin cost around $2.52 when Saddington first got in the game. Although he won’t disclose how much he owns, the amount is more than 1,000.
When Bitcoin was at its peak last December, each Bitcoin was worth about $19,000 each. Bitcoin has dropped to around $8,000, but even at that price Saddington would still have a whopping 321,000 percent return on his $2.52 purchase.
Saddington pictured with his Lamborghini:
— Peter Saddington (@bitesizebitcoin) February 7, 2018
“I am a long term HODLER, or holder, of Bitcoins,” Saddington told CNBC, using the crypto slang term. “I’ve been holding it since 2011 as much as I can.”
Saddington says he’s bought Bitcoin every Friday for five years.
Saddington is the CTO of VinWiki, an Atlanta-based start-up that provides the background for used cars and also runs a cryptocurrency forum called Bitcoin Pub.
Despite it’s amazing success as an appreciating asset for early adopters, Bitcoin’s price instability has made it difficult to use as a currency.
“For me it is a great marketing tool, it is a great conversation piece,” Saddington says about his purchase.
“The car was on consignment from an individual and the individual took Bitcoin directly,” Saddington says.
He did pay the dealership in cash for “the fees and all the taxes and all the remaining administrative costs.”
Another Lambo Bought With Bitcoin In California:
— Lambo Newport Beach (@Lamborghini_NB) December 22, 2017