Bitcoin has come a long way since its initial release in 2009 by Satoshi Nakamoto. Its price has seen it climb up the chart to become the largest cryptocurrency by market cap.
Early investors who sold off their BTC investments are biting their nails right now as Bitcoin achieves milestones daily. A Youtuber – Chris Cut – recently spoke about his BTC mistake.
Spending 30.5 BTC on Hondas
Bitcoin Initially was not considered a sound investment. Many early investors held it because it was cool and not yet popular. Chris Cut was one of such early starters in the Bitcoin space. However, he regrets his decision to exchange a mind-boggling 37 BTC for two used Honda sports cars four years ago.
In his Youtube channel “NSXTRA,” Chris spoke of his love for the NSX sports cars – Honda’s sports cars division. He reportedly got his first Honda sports car- the NSX Targa- for 30.5 BTC on Valentine’s Day in 2017. At the time, BTC was trading at a lowly $1,000, so he considered his acquisition of the sports car for $30,500 a “steal.”
He made another acquisition for a used Honda NSX for 6.5 BTC on Black Friday in 2018. One BTC was worth $4,300 at the time.
With BTC rising over the years and taking a prime position as the most traded cryptocurrency by market cap, Chris said he regrets his decision and considers his ill-timed purchases a “mistake.” For him, if he had only held onto the 37 Bitcoins in his wallets, he would have close to $1.8 million sitting comfortably in the bank.
His first trade-off of 30.5 BTC for the NSX Targa would have netted him a cool $1,480,000 million in today’s market. His second trade for 6.5 BTC would have brought him $293,000, coming up to a total of 37 BTC at $1,773,000 today.
“I obviously have regrets about that because I can buy a lot of NSXs today for that price. […] Essentially, I turned 37 Bitcoins into 2 Bitcoins,” he said.
Crypto Regrets Club
Chris is not the only BTC early investor reminiscing. A popular fable in BTC circle speaks of a first-starter in the BTC space who reportedly exchanged 10K BTC for a paltry 2 big-sized Papa John’s pizzas. The 10,000 BTC will give him over $515 million in today’s market. The only accolade Laszlo Hanyecz gets is being the first digital asset user to trade tangible goods for virtual currencies.
Another sordid tale is Martti Malmi, who exchanged 55,000 BTC for a small studio apartment eight years ago. In today’s market, that will see him having a Grayscale kind of investment in $1.2 billion.
Doge’s founder Billy Markus also said in an open letter to the subreddit group r/dogecoin that he sold off all his DOGE holdings in 2015 at the price of a used Honda civic. His mistake has seen him lose out on a potentially life-changing investment after the meme-focused cryptocurrency rallied 900% in January.