Among those is a Virginia man named Jonathan Cypert, who began mining Bitcoin in 2011, when each virtual piece was worth CAD$3.22. By one point in early 2018, the value had risen to an incredible CAD$18,000, so he decided to spend 2.35 of his Bitcoins to buy a used Subaru WRX STI.
It wasn’t as easy as walking into the closest showroom and announcing his desire for a 305-hp sport sedan. He had to find a dealer open-minded enough to accept Bitcoins in exchange for cars, and he did so in Michael’s Auto Plaza in Albany, New York, a retailer that made the news in late 2017 for its decision to go crypto.
Dealing in cryptocurrency is a dicey business as their value tends to fluctuate frequently, sometimes by hundreds of dollars in 30 minutes.
In Cypert’s case, it’s a good thing he made the deal on his Subaru when he did, earlier this year, as the value of a Bitcoin has since plummeted to below CAD$13,000 thanks to an early March declaration by the U.S. Securities and Exchange Commission that digital currencies will have to register with that government agency.