Man Who Bought First Ever Car With 1,000 Bitcoin (BTC) Gives Update on Toyota Prius Purchase

Bitcoin has been used for a variety of purposes across the world and is becoming much more accepted as a means of payment by a number of merchants.

Now, a new milestone was reached a few years ago as the first ever car has been purchased using bitcoin. The car in question was a Toyota Prius and was bought for 1,000 bitcoin back in 2013 by a man named Michael Tozoni.

Speaking with CoinDesk, Tozoni explained why he made the purchase and his experiences with cryptocurrency. According to him, he first found it about bitcoin in 2011 and by June of that year, he moved his total savings of about $3,000 into bitcoin. Back then, he says, be believed that bitcoin would be the thing that would replace all money. When he needed to purchase a car, he found a dealer in Miami who transferred ownership of the car to Tozoni in exchange for 1,000 bitcoin.

He eventually made several upgrades to the car and used it to drive to a number of conferences. So, what has changed about his bitcoin beliefs since then? Nothing much. In fact, Tozoni has now switched entirely to bitcoin. He says that whenever he gets tempted to invest in any crazy schemes, he thinks of his experience buying the Prius and follows his own philosophy of not investing in what he doesn’t know and understand.

Tozoni also stated that while he paid for the car, he technically got it for free. As of the time he wanted to buy the car, he borrowed the money when bitcoin was at $10 and sold when it was at $22 and essentially got the car without having to do much. During his interview, Tozoni even jokes about painting his car in a similar color as a Lamborghini and putting a sticker on it.

Lessons Learned

There is a lot to take in from the story of Michael Tozoni and his car.

First, his ability to get a car out of his use of bitcoin and essentially double his money with little effort is impressive. However, it must be kept in mind that he bought into the market when it was $10 for a Bitcoin and sold at $22 and this was in 2013. Since then, the market has become much more complex and volatile and it is less likely that the value of bitcoin will double overnight today as it did back then.

Also, his willingness to move all his finances to bitcoin is interesting. There have been a number of people who have put their life savings into bitcoin as well, to varying degrees of success. As Tozoni himself said, he is very careful with his spending and isn’t wasteful.

Sadly, many people make the same move in an attempt to get rich quick without being quite as careful.

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