The unprecedented spike in the value of Bitcoin and other cryptocurrencies has been the talk of every investor and wannabe investor from Los Angeles to Moscow. Some have seen their wealth grow dramatically as a result of growth over the course of 2017, and according to a duPont Registry report, one Bitcoin early bird has swapped some of their stash for a pair of showroom-new hypercars.
Pagani of Newport Beach, California accepted a buyer’s offer of Bitcoin for a Bugatti Chiron and a Pagani Huayra Americano Tempesta, and the transaction’s value eclipsed the equivalent of $6 million.
This is not the first trade of cryptocurrency for cars in recent history. Last month, a well-to-do Chinese enthusiast dropped $5.3 million in Litecoin for four cars, one of which was a points-scoring Formula 1 car built by Sauber.
Only days later, an Atlanta-based McLaren 720S owner tried to offload their near-mint supercar for a mere 20 BTC, though anyone who knew to check exchange rates was quick to spot that the owner was demanding $103,000 more than the McLaren would have sold for new.
In spite of the sudden burst of high-dollar car sales involving transfer of cryptocurrency, it remains a rare method of purchasing a vehicle. Last March, the most common form of payment used to purchase automobiles was examined, and cash was found to still be king, though its popularity had an inverse relationship with the wealth of the buyer.
Bitcoin and its imitators may be popular now, but nobody knows what tomorrow holds for unstable cryptocurrency. The owner of these new hypercars may laugh their way to their garage—or cry. It all depends on which direction Bitcoin’s value swings next.