TIL a man who bought a house with Bitcoin ended up making a $1.3m profit by the end of the transaction because of volatility, and spent the profit on a Lamborghini

Although people are wary of using Bitcoin for big transactions because of its volatility, in this case it helped someone make $1.3m in such a short time.

The buyer who had wanted to buy the house had paid the $4m, and since Bitcoin had increased in such a short time by as much as 33%, he ended up with a profit of $1.3m on the exchange when transferring Bitcoin to USD.

The story comes from Bitpay CCO, Sonny Singh, who said:

"We got approached last month by a real estate developer. He had an offer to buy a house, and the purchaser wanted to pay in bitcoin. And they weren't really sure what that was, so they contacted us."

When the transaction had been initiated, Bitcoin was valued at $750, and when it had been completed, at $1000.

"So the buyer actually ended up making about 25 percent in the currency exchange rate, essentially, in the appreciation,"

"With that extra money, he went and bought a Lamborghini at Newport Beach, Orange County, which also accepts bitcoin with Bitpay. He got a house for pretty much 25 percent cheaper, as well as a free Lamborghini essentially."

Have heard a lot of stories in Crypto but this one is just hilarious, with how he also bought a Lamborghini with the extra money left.

Volatility doesn't only come with it's cons I guess, it's rare but sometimes we get stories like this.

https://cointelegraph.com/news/real-estate-buyer-makes-13-million-buying-home-with-bitcoin