As Bitcoin (BTC) momentum continues to grow, some people seem to prefer selling their belongings for cryptocurrency instead of fiat money.
Jason Williams, a co-founder of Morgan Creek Digital, a dedicated digital asset investment business run by Morgan Creek Capital, sold his car for Bitcoin.
Williams announced on Twitter that he sold his 2007 Chevrolet Suburban for 0.4 BTC, worth around $7,300 at publishing time. According to car shopper website Edmunds.com, a used 2007 Suburban costs around $7,000, while the new 2021 model costs over $50,000, according to Chevrolet’s official websit.
If the Bitcoin price breaks $130,000, as some have predicted, there’s a chance Williams will have sold his 13-year-old car for as much money as a brand new model.
Despite publicized instances of celebrities and businesspeople transacting in crypto, Bitcoin use for payments is still relatively low, and many have criticized the coin for being a poor means for payment. However, in a recent blog post Fidelity Digital Assets aimed to dispel this notion, suggesting that the Bitcoin network’s decentralization and immutability were a worthy trade-off.
Furthermore, major payments-related firms are finally getting on-board with the seminal cryptocurrency. Earlier this month, major payments network PayPal finally rolled out its crypto trading and payment servi to customers in the United States.
According to data from glassnode alerts, the number of Ether (ETH) wallet addresses holding a minimum of 1 ETH hit an all-time high on Nov. 19:
Sold it for 0.4 BTC fwiw. Feels like I may have done well. We will see. https://t.co/nMUm2AfkAp
— Jason A Williams (@GoingParabolic) November 19, 2020
As of press time, Ether is trading at over $50, continuing a strong upward trend that kicked off at the beginning of November.
It’s worth noting that individual users can create multiple wallet addresses, meaning that the 1.17 million figure doesn’t necessarily map 1:1 to the number of users or entities.
As well as reflecting the bullish sentiment in the market more broadly, the high number of Ether holders could reflect two further factors. First, the popularity of decentralized finance, or DeFi, and associated tokens that use the Ethereum network. While the value of many of these individual tokens has taken a beating relative to their earlier bull runs, the total dollar value locked in DeFi remains at a strong $14.05 billion as of publishing time.
In addition to this, the current launch date for ETH 2.0 Phase O is currently set for Dec. 1, and Ethereum co-founder Vitalik Buterin has been encouraging the community that they can expect major improvements on the scaling and network development front.
As Cointelegraph’s market analysts reported earlier today, Ether’s current price represents a two-and-a-half-year high, bring the coin to an overall outperformance of Bitcoin in 2020.