Peter Saddington, an entrepreneur and co-founder of VINwiki, proves that you can actually buy ridiculously expensive things like a Lamborghini by using the cryptocurrency Bitcoin.
In his interview in October, Saddington went on to say how his November 2011 investment in Bitcoin got him the luxurious supercar, a second-hand 2015 Lamborghini Huracan.
Saddington bought his very first Bitcoin investment at only $2.52, admitting that he was practically shooting in the dark when he made the investment, and had no idea whether it would give him more money or not.
“I had no confidence that Bitcoin was gonna make a ton of money for me back in 2011. No idea. It was a risky proposition, and I invested more probably than I should have at the time,” he said.
His investment finally paid off, and doing extremely well as one Bitcoin is now worth over $16,000. Saddington realized that he could finally fulfill his dream of buying a supercar.
Many netizens criticized Saddington’s decision to buy a Lamborghini using cryptocurrency because its value continues to rise, and will likely do so for many years until it surges past the threshold of $100,000.
His wife also expressed her strong disapproval of buying the car with either physical money or Bitcoin, thinking that a Lamborghini was too pretentious. So, instead, he bought an Audi car and spent more money on it.
Subscribe to NextShark's Newsletter
A daily dose of Asian America's essential stories, in under 5 minutes.
Get our collection of Asian America's most essential stories to your inbox daily for free.
Then, one day at the VINwiki office, Saddington’s colleague brought his own Lamborghini to work. The father put his son inside the driver’s seat of the supercar and he ended up loving the vehicle.
Saddington’s wife had a change of heart after seeing their son’s super happy face while holding the steering wheel. He finally got a Lamborghini for $115 using the Bitcoin he bought back in 2011.
Saddington acknowledged that the purchase would cost him about $20 million in the future as the value of Bitcoin continues to rise exponentially.
“But sometimes you just have to reward yourself,” he said.
In a follow-up interview in November, Saddington admitted that owning a Lamborghini costs him about $4,000 per day, but he said that he and his family are enjoying every moment of it.
“I am absolutely loving it. My Wife and I have been driving it all around. We’ve been driving our kids to school, and it is more for me: the smiles per gallon,” he said.
In the second clip, Saddington recalled how he first saw the car parked outside of a store a year ago. But he never expected he would finally get the very same car a year later at a much cheaper price due to a previous minor road accident with a hummer. Photos showed the car’s damaged bumper and the scratched passenger’s side door.
Now that the value of Bitcoin is skyrocketing, Saddington admitted that he expects to receive more hate from people telling him about his poor decision in buying the supercar with Bitcoin.
When the news broke out about his purchase, Saddington was approached by many people engaging him in a conversation about Bitcoin.
“So it’s been a lot of fun not only driving it, but engaging with people who are really interested about this new piece of technology called bitcoin. And the bitcoin Lamborghini is one of the best marketing tools for starting powerful conversations about this new nascent technology that, in my opinion, is gonna change the world,” he said.
This is good news for Saddington. But in other parts of the world, Bitcoin and other cryptocurrencies are being banned. Indonesia, India and Vietnam, to name a few, have taken a strong stand against the currency. Japan, on the other hand, remains a key player in the rise of the cryptocurrency’s value.
Many people might not know this, but NextShark is a small media startup that runs on no outside funding or loans, and with no paywalls or subscription fees, we rely on help from our community and readers like you.
Everything you see today is built by Asians, for Asians to help amplify our voices globally and support each other. However, we still face many difficulties in our industry because of our commitment to accessible and informational Asian news coverage.
We hope you consider making a contribution to NextShark so we can continue to provide you quality journalism that informs, educates, and inspires the Asian community. Even a $1 contribution goes a long way. Thank you for supporting NextShark and our community.