On February 15, a YouTuber named ‘NSXTRA’ posted a video where he regretted using 37 Bitcoin (BTC) to purchase a Honda used in the past.
The most expensive Honda in the world?
Chris Cut, YouTuber known as ‘NSXTRA’, posted a video titled “Idiot spends $ 1.8 million in Bitcoin on an old Honda.”
According to his video, Cut acquired the first car in 2017, a Honda NXS Targa. At the time, the car cost about $ 30,500.
Curiously, Cut decided to acquire the car using Bitcoin and, as many will know, at that time the crypto was trading well below the current price. So the Honda cost Cut about 30.5 BTC.
But, as we know, since then Bitcoin has been on a bull run that positioned it above $ 50,000. Therefore, at the current price of Bitcoin, the Honda cost Cut almost $ 1.5 million.
However, the YouTuber’s horror story with BTC does not end here. Turns out, he also spent 6.5 BTC in 2018, when crypto cost roughly $ 4,300, to acquire another Honda on Black Friday.
So this latest Honda under current BTC prices cost the YouTuber $ 293,000.
Is spending BTC the worst idea in the world?
The Youtuber with 2,090 subscribers assured that at the time he had no problem with using BTC to purchase cars.
However, he was subsequently struck by reality when he sat down to make profit and loss calculations.
“Then I started doing some math and he kicked my butt and I felt quite depressed,” said the YouTuber.
And the truth is that it is not for less. At the current price of Bitcoin the YouTuber spent USD 1,773,000 on two used Hondas. Obviously I regret that because I can buy a lot of NSXs today for that price. Basically, I converted 37 Bitcoins into 2 Bitcoins, ”he assured.
However, Cut is not the first and probably not the last crypto investor to regret selling his crypto. Especially after the bull run that BTC has undertaken.
In fact, the most regrettable sale we can remember is the one we commemorate today as Bitcoin Pizza Day, which was the first tangible asset bought with BTC in 2010. That pizza today would cost $ 500 million.