ALBANY, N.Y. (NEWS10) – Bitcoin burst out of the shadows this year.
Now, a local car dealership says you can use the cryptocurrency to buy a car.
“Best two words, a virtual wallet. If you want to consider it that,” Michael Severance, Sales Manager at Michael’s Auto Plaza, said.
Severance is making it official, Bitcoin is now accepted at the auto plaza in East Greenbush.
It’s the first auto dealership in the Capital Region to catch a bit of crypto fever.
“Certain things boom and they just take off. They take off quick. You have to capture it while it’s hot.”
And boy is it hot.
Three years ago when NEWS10 ABC first did a story on Bitcoin, one unit cost $655.
Now, Coinbase reports the price of one Bitcoin is within striking distance of $20,000.
Mark Belkin, a Blockchain Attorney, invested in the cryptocurrency back in 2013.
He doesn’t deny there’s a market bubble, but asserts Bitcoin isn’t going away anytime soon.
“There’s a lot of fear and a lot of people in the financial world don’t believe it in. a lot of people in the financial world don’t want to believe in it,” Belkin said.
Belkin became fascinated with the backbone of Bitcoin technology.
You see, Bitcoin is a decentralized, public ledger known as Blockchain.
“Bitcoin was the initial explosion of it. They created value out of something that didn’t exist. But it started to have value and started to exist because people were trading it.”
Trading it for items like a new car.
“It just kind of piqued the interest as in, wow, if you can use that to buy a house or buy a large piece of property, why not an automobile?” Severance said.
Belkin’s advice to people who are new to bitcoin or any stock, if you’re not willing to lose the money that you invest, then you shouldn’t invest.