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 website.
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 service to customers in the United States.