Crypto Investor Tired of Hodl’ing Sells Bitcoin for Dream Car

The post, which was published on Friday, Aug. 28, generated nearly 500 responses, which were a mixed bag of criticism and support. And while this Reddit member doesn’t appear to disclose at what price they purchased the BTC, it is clear that they decided to jump ship just when things were getting interesting again in the cryptocurrency market.  

The outlook for the bitcoin price has been mostly bullish in this cycle, especially considering the Fed’s aggressive money printing coupled with low yields in other asset classes. The Reddit member, who goes by G99SEMAN, decided to sell for one key reason — Source: Reddit Reddit members wanted to know why this person couldn’t have at least used the proceeds for something cutting edge like a Tesla Cybertruck. Or, as one member pointed out, why not at least wait for the 2021 Audi model? This crypto investor, however, doesn’t seem to have any regrets whatsoever, saying that the newer model was “ugly imo.” Here’s a peek at this Reddit member’s shiny new car.

Another Bitcoin Pizza?

Chief among the criticisms from Reddit is that a vehicle begins to depreciate in value as soon as it leaves the lot. Bitcoin, on the other hand, is only expected to balloon in value over time. One of the most popular comparisons on the Twitter thread was that to the bitcoin pizza guy, who in 2010 paid 10,000 bitcoins for a couple of Papa John’s pizzas, a stash that today would be worth tens of millions of dollars.

As another Reddit member pointed out, the pizza guy actually used BTC to make his payment, which is bitcoin’s other primary use case in addition to being a store of value. This person sold their BTC first, seemingly converting it into fiat and then made the purchase. Meanwhile, G99SEMAN isn’t the only one to admit offloading their crypto for a specific life goal. One of the supporters on the Reddit thread told how they had parted with some LINK — which has muscled its way into the No. 5 cryptocurrency based on market cap — to pay bills.

Hey man, congrats on the hodl & car. I sold some of my link to go towards credit card debt. Don’t listen to any of these people, live your life man. It’s just empty value until you sell it anyway.

Bullish on Bitcoin

The bullish bitcoin forecasts have been pouring in lately. Most recently, bitcoin billionaires Cameron and Tyler Winklevoss argued their case for $500K BTC over the course of the next decade at gold’s expense. Not to be outdone, Civic founder Vinny Lingham also outlined his outlook, saying he doesn’t expect the “sub-12K price” to hold for long.

Time will tell whether or not the Reddit member who chose their dream car over a store-of-value asset like bitcoin will kick themselves down the road.