TIL a man who bought a house with Bitcoin ended up making a $1.3m profit by the end of the transaction, Bitcoin having increased by 25%, 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.

*With that extra money, he went and bought a Lamborghini at Newport Beach, Orange County, which also accepts bitcoin with Bitpay."

You might ask why someone who had never heard of Bitcoin agreed to accept it, and it turns out that it's because he contacted the CCO of Bitpay, who agrees to help him with his transaction, and therfore the story.

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.

Bitcoin was very volatile around that time, starting 2017 with $1,000 and ending it at $20,000. This beats the most volatile year which was 20010-2011 if I can remember correctly, in which it had went from being valued under a dollar to $40 in such a short time.

But this is also one of the arguments people use against it's use as a digital currency, and some have already given up on that idea and decided to use it as a store of value for long term, because of its volatility in short term.

Steam was one of examples of this case, where they had stopped accepting Bitcoin in 2017 on their platform, citing it's volatility.

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