Jason Williams, the co-founder of Morgan Creek Digital, found selling his Chevrolet for bitcoin instead of fiat currency an easy decision.
In a November 19 tweet, Williams revealed that he had sold his 2007 Chevy Suburban for 0.4 BTC. At today’s prices, this translates to approximately $7,463.
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
Bitcoin’s price has been on a roll in recent days despite weeks of positive price action. The cryptocurrency is now anchoring above $18,600. While some technical factors are pushing the price of bitcoin higher, fundamental trends appear to also be in play.
Speaking during an interview with CNBC today, Rick Rieder, the CIO of BlackRock — the world’s largest asset manager with over $7 trillion in assets under management — asserted that cryptocurrencies are here to stay. He further suggested that bitcoin could eventually replace gold because the cryptocurrency is “so much more functional than passing a bar of gold”.
The crypto community has deemed the news about the CIO of BlackRock seeing bitcoin replacing gold to be a significant development.
This is huge news. This is the largest asset management firm on earth. 2021 is setting up to be a year of severe supply shortages vs. demand in Bitcoin, and upside price dislocations. #Bitcoin https://t.co/bz7hU4z6mP
— Raoul Pal (@RaoulGMI) November 20, 2020
Rick Reider’s pro-bitcoin comments come after Wall Street legends Paul Tudor Jones and Stan Druckenmiller also endorsed the dominant cryptocurrency. Moreover, multi-billion dollar companies such as MicroStrategy, Square, and PayPal have recently announced their support for bitcoin.
The estimated price of a used 2007 Chevrolet Suburban is roughly $7,000. In contrast, a brand new 2021 Chevrolet Suburban goes for $51,700. Should bitcoin slice through $130,000 in coming years, the Morgan Creek co-founder will have sold his 13-year-old Chevy for the same price as a 2021 model.
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