MotorCars of Georgia, located right outside of Atlanta, has been visited by many famous customers over the years, from NFL players, NBA players and musicians. However, during the Fall season, the dealership got a surprise from Peter Saddinton, a 35 year-old coder and entrepreneur who walked in wanting to buy a new car.
He drew the attention of everyone at the dealership, along with the internet, when he cashed out 45 Bitcoins to purchase a $200,000 Lamborghini, all thanks to his early interest in the digital money.
Brandon Saszi, general manager of MotorCars of Georgia, shared, “I’ve been in this business long enough that nothing really surprises you.” However, he said he wished he had been in on it himself.
Saddington discovered Bitcoin back in 2011. He stumbled on an article by a technology publication, Ars Technica. The report shared that Bitcoin had lost 90 percent of its value, hitting under $3 per coin. Having a computer science background, he found the new technology interesting.
Saddington explained, “As a technologist and someone who likes to take risky bets with new technology, I thought it was really intriguing.”
He spent a month researching Bitcoin, looking at the code, and reading the white paper before investing in November of 2011. At the time, a single Bitcoin cost a mere $2.52. He bought over 1000 at that time, although he won’t say how many he owns now. Since then, Bitcoin has reached $19,000 at its highest value, although it has lowered down to a little over $8,000 as of Thursday evening. Even at that price, what a profit! Saddler says he has also purchased Bitcoin on every Friday for five years.
“I am a long term HODLER, or holder, of Bitcoins,” shared Saddington.
His Lamborghini purchase made in October appears to be an acceptable purchase by Bitcoin enthusiasts that generally believe in mostly holding the tokens.
“The car was on consignment from an individual and the individual took Bitcoin directly,” Saddington explained.
He then paid for all the fees, taxes and administrative costs with cash which he gave to the dealership.
At MotorCars of Georgia, general manager Saszi shared that he had customers come in and ask about paying with Bitcoin a few years prior to Saddington showing up to buy his car. He said that it seemed a bit strange when they came in and asked, but he really didn’t think anything about it at the time.
After that, the dealership decided to accept Bitcoin payments, utilizing a company called BitPay as a way to get U.S. dollars in exchange for cryptocurrency, although Saszi says they have not sold a car that way just yet.