When Peter Saddington, went to visit a popular luxury car dealership outside Atlanta, he didn’t really attract much attention, as he was neither a rapper nor a celebrity like most of the dealership’s clients were.
However, when he cashed in 45 bitcoins and bought a 2015 Lamborghini worth $200,000, Saddington not only caught the dealership’s attention, he gained the attention of people online as well.
Thanks to an early investment in cryptocurrencies, those 45 bitcoins Saddington cashed in only cost him less than $115.
Saddington’s Lamborghini purchase is not just a craz bargain but a reflection of a trend currently popular among the new rich—spending their cryptomoney on Italian supercars.
“That is like a meme that goes around Reddit,” Saddington said.
When talking about when a coin is able to make buyers a lot of money, someone asks “When Lambo?” on social media, referring to when the holder of the coin will be able to buy a sports car.
Saddington studied Computer Science at Florida State before he earned three master’s degrees in theology, education and counseling from Luther Rice College and Seminary in Georgia. He discovered bitcoin in 2011.
An article by Ars Technica that reported bitcoin’s loss of 90% of its value from its then peak of $30 to $3 caught his eye and from then on, he researched about cryptocurrency and took a risk in investing in it.
“As a technologist and someone who likes to take risky bets with new technology, I thought it was really intriguing,” Saddington said. “I took about a month to research it, look back in the code, look back in the white paper,” he added.
When Saddington first started investing in 2011, a single bitcoin cost $2.52. And, although he will not disclose the number of coins he currently owns, in 2011, he bought more than 1,000. When bitcoin was at its peak December last year, one bitcoin was worth $19,000. Bitcoin has since fallen to trade near $7,000 at the end of the first quarter of 2018. But, if Saddington still owns his original $2.52 coins, he still gets a 321,000% return.
“I’m a long-term HODLER, or holder, of bitcoins,” says Saddington, using a popular cryptoslang term. “I’ve been holding it since 2011 as much as I can,” he added.
Saddington is the CTO of VinWiki, a startup based in Atlanta that provides automotive histories for secondhand and used cars. He also runs “The Bitcoin Pub”, a cryptocurrency forum and has two Youtube Channels on cryptocurrency.
Disclaimer: Car in image is not the same car discussed in the article.
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