Bitcoiners looking to treat themselves to a new car with their gains probably have to consider the experience of Chris Cupp of Nsxtra, a YouTuber who went down a similar path with his bitcoin gains in early 2017.
On the four-year anniversary of his Honda Acura NSX, Cupp recalls spending roughly 30.5 BTC to fund the purchase as a way of treating himself to his dream car on Valentine’s day 2017. Reminiscing over his purchase, Cupp says “he feels depressed.”
The price of Bitcoin hovered around $1000 at the time with the car costing $35,000. However, with Bitcoin’s press time price hovering close to $49,000, those bitcoins are worth around $1.5 million.
Having watched the rise to an all-time high in 2017 and probably failing to take profits, Cupp went on another NSX purchase on Black Friday 2018. With the price oF BTC around $4300 at the time. He spent 6.5 BTC (appr. $26,000) on the new car, which at today’s prices worth roughly $293,000.
In total Chris Cupp’s total purchase was 37 BTC which would be worth almost $1.8 million today. He concludes that “he essentially turned 37 bitcoins to 2 bitcoins” and would have gained way more by and had he held on to his stack.
His advice? “Don’t make the same mistake I did. Don’t completely leave cryptocurrency…I didn’t do that, but I got rid of the majority of it.”
Bitcoin briefly surpassed the $50,000 mark earlier today but has dropped to $48,600 at the time of writing. The leading cryptocurrency had a $900 billion market cap.