Morgan Creek Digital Assets is an investment company founded by Mark Yusko, Jason Williams, and Anthony Pompliano in 2018, backed by Morgan Creek Capital Management. On Nov. 19, 2020, one of its co-founders, Jason Williams took to his Twitter account to reveal that he had sold his Chevrolet Suburban 2007 model for 0.4 BTC. While the price of Bitcoin has increased to a level above $18,000, people’s interest and attraction towards buying the cryptocurrency have also increased.
Jason Williams Sells Chevrolet for Bitcoin
The co-founder who seems more bullish than his notable colleague Anthony Pompliano sold his 13-year-old car for buying Bitcoin, saying:
“I sold my car for 0.4 Bitcoin. I feel like I am doing something right. We’ll see.”
The estimated price of a Chevrolet 2007 model is currently around $7,000. According to the automobile company’s official website, the current value of Chevrolet’s 2021 model is over $51,000.
If the price of the cryptocurrency even crosses through the $130,000 mark as analysts are speculating, the co-founder will have to take up selling his 2007 model for the same price as a 2021 model.
BTC On a Roll
In recent months, Bitcoin has been on a continual rally. The world’s largest cryptocurrency by market capitalization is now above the $18,600 mark. Analysts are speculating that technical factors are behind the rising prices of BTC. While one cannot ignore the fact that fundamental trends over the cryptocurrency can also be credited for its upward trend.
For instance, on Nov. 20 the CIO of BlackRock Rick Reider appeared in an interview with CNBC to say that Bitcoins are here to stay and that it could replace even gold. Rick Reider’s bullish comments on Bitcoins comes after high profile Wall Street investors such as Paul Tudor Jones and Stan Druckenmiller too shared positive sentiments on the cryptocurrency.
Meanwhile larger corporations such as MicroStrategy, Square, and PayPal have recently shown interest towards Bitcoin by investing in the cryptocurrency as its reserve asset and also announcing support.