This crypto-millionaire bought a Lamborghini for $115 thanks to bitcoin

Musicians and star athletes come to shop for luxury cars at MotorCars of Georgia, a dealership just outside of Atlanta.

Quavious Marshall, better known as Quavo of local rap group Migos, bought a Silica White McLaren 720S from there in November. Ricardo Lockette, a retired Seattle Seahawk wide receiver, posed for an Instagram photo with a blue Lamborghini Huracan in December. Even Shaquille O’Neal has stopped by.

Last fall, the dealership also got a visit from Peter Saddington, a seemingly unassuming 35-year-old coder who is neither a rapper nor a celebrity.

He caught the attention of the dealership though — and the internet — by cashing in 45 bitcoins to drive away with a $200,000 2015 Lamborghini Huracan with a white matte wrap and race exhaust features. Thanks to an early interest in cryptocurrencies, buying those 45 bitcoin cost Saddington less than $115.

The bitcoin enthusiast’s Lamborghini purchase isn’t just a crazy bargain. It reflects a trend of the new rich spending their cryptowealth on the Italian super car.

“That is like a meme that goes around Reddit,” Saddington tells CNBC Make It. In talking about when a coin is going to make buyers a lot of money, “someone says, ‘When Lambo?'” on social media, referring to when will the holder will be able to buy the sports car.

Courtesy of Peter Saddington

“I’ve been in this business long enough that nothing really surprises you,” Brandon Saszi, general manager of MotorCars of Georgia, tells CNBC Make It of bitcoin buyers. “The only thing you’re thinking is, ‘Gosh I wish I was in on it.'”

Saddington, who studied computer science at Florida State before earning three master’s degrees in counseling, education and theology from Luther Rice College & Seminary in Georgia, stumbled across bitcoin in 2011.

An article by technology publication Ars Technica caught his eye, with a report that bitcoin had lost 90 percent of its value in a dip from its then peak of $30 to under $3.

“As a technologist and someone who likes to take risky bets with new technology, I thought it was really intriguing,” Saddington tells CNBC Make It. “I took about a month to research it, look back in the code, look back in the white paper,” referencing the bitcoin outline authored by the cryptocurrency’s mysterious creator, Satoshi Nakamoto.

When Saddington first invested in November 2011, a single bitcoin cost $2.52. While he won’t say how many coins he currently owns, at that time, he bought more than 1,000. When bitcoin was at its peak last December, those coins were briefly worth $19,000 each. Bitcoin has since fallen to trade near $8,100 Wednesday morning, according to CoinDesk, but if Saddington is still holding his original $2.52 coins, that’s still a return of about 321,000 percent.

“I am a long term HODLER, or holder, of bitcoins,” Saddington says, using the cryptoslang term. “I’ve been holding it since 2011 as much as I can.” Saddington says he’s bought bitcoin every Friday for five years.

Saddington, who is the CTO of VinWiki, an Atlanta-based start-up that provides automotive histories for used cars, also runs a cryptocurrency forum called The Bitcoin Pub and two YouTube channels about the cryptocurrency.

His YouTube video documenting the Lamborghini purchase has over 1.5 million views.

Courtesy of Peter Saddington

By some ultra-wealthy enthusiasts, Lamborghinis are considered to be “the single acceptable way to spend money in the Ethereum cryptocurrency community,” according to The New York Times. Cashing out of cryptocurrency positions is generally discouraged in the community, and true believers are urged to “HODL.”

Except when it comes to Lambos.

The meme has even led to the depiction of ethereum founder Vitalik Buterin as a religious icon, holding a Lamborghini in his outstretched hands. In response, Buterin tweeted that, “If all that we accomplish is lambo memes … then I WILL leave,” and encouraged focus on, “actually achieving something meaningful for society.”

Source: This crypto-millionaire bought a Lamborghini for $115 thanks to bitcoin