The First Man in Asia to Buy a Lamborghini Using Bitcoin

A Thai national has made headlines after he reportedly bought a Lamborghini using the cryptocurrency Bitcoin.

Jo Chirawat managed to drive home his brand new Lambo after placing a downpayment at a luxury car dealership Renazzo Motor Co. Ltd. In Bangkok, Thailand.

Alongside the cash advance paid via Bitcoin, the remaining payment will also be paid off with Bitcoin. Thus, Chirawat became the first man in Asia to use Bitcoin in order to buy a 2021 Huracán EVO RWD. The purchase of this luxury car was facilitated directly by the cryptocurrency trading platform Zipmex.

Zipmex co-founder and CEO Marcus Lim said in an official statement, “This is a milestone for Zipmex, Renazzo Motor, and crypto asset payment systems in Southeast Asia. The Lamborghini brand certainly has a special meaning and we are very pleased to be able to provide our users with the opportunity to do more with their crypto assets.”

Since the start of 2021, the price of Bitcoin has drastically increased. The skyrocketing price of Bitcoin is caused by many various factors, one of which is the recent venture of giant companies such as MicroStrategy and Tesla to invest heavily in Bitcoin.

Many predict the Bitcoin price will only continue to increase. One of them is Jesse Powell, the co-founder and CEO of Kraken, the most trusted and one of the biggest Bitcoin exchanges in the world with no. 1 EUR market share. The Kraken CEO predicts that Bitcoin will increase to millions of dollars come 2022.

Chirawat’s recent Lambo purchase proves that crypto money is gradually getting accepted by companies. However, investing in crypto carries certain risks that investors must be fully aware of. Due to its high level of volatility, crypto investment is only for those who are willing to bear high risks, as they are unstable investments that could result in disappointing losses just as quickly as they can provide gains.

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