Jason Williams, co-founder of Morgan Creek Digital, found that selling his Chevrolet for bitcoin rather than fiat currency was an easy decision.
In a tweet on November 19, Williams revealed that he had sold his 2007 Chevy Suburban for 0.4 BTC. At current 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
The price of Bitcoin has been on a roll in recent days despite weeks of positive price action. The cryptocurrency is now anchored above $ 18,600. While some technical factors are driving up the price of bitcoin, fundamental trends also appear to be in play.
Speaking during an interview with CNBC today, Rick Rieder, the CIO of BlackRock, the world's largest asset manager with more than $ 7 trillion in assets under management, claimed that cryptocurrencies are here to stay. Furthermore, he suggested that bitcoin could eventually replace gold because the cryptocurrency is "much more functional than passing a bar of gold."
The crypto community has considered the news that BlackRock's CIO indicates that if Bitcoin replaces gold is 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. Additionally, multi-billion dollar companies such as MicroStrategy, Square, and PayPal have recently announced their support for bitcoin.
The estimated price for a used 2007 Chevrolet Suburban is approximately $ 7,000. In contrast, a new 2021 Chevrolet Suburban costs $ 51,700. Should bitcoin break through $ 130,000 in the next few years, the Morgan Creek co-founder will have sold his 13-year-old Chevy for the same price as a 2021 model.