Many cryptocurrency buyers have been consumed with a nagging question as they have seen coin prices rise and fall in recent years: when will Lambo be?
Lambo is short for Lamborghini, the luxury vehicle that is the ultimate symbol of success when it comes to getting rich thanks to digital currencies and at the heart of thousands of memes “wen Lambo?Like high-end watches and other traditional displays of wealth, supercars have been a staple of bitcoin conferences and crypto influencers’ Instagram threads for years.
The recent plunge in cryptocurrency prices has flooded the second-hand markets with other luxury goods, including Patek Philippe and Rolex watches. The Lamborghinis, on the other hand, are doing great. The high demand for supercars suggests that most owners inhabit a rarefied layer of trophy seekers, those who are so rich that they are not fundamentally troubled by changes in the market.
Peter Saddington is one of them. He rose to fame in the cryptocurrency community after buying a Lamborghini in 2017 for 45 bitcoins, the equivalent of over $ 200,000 at the time. He bought bitcoin for just $ 115 in 2011, when the cryptocurrency was worth less than $ 3. This move helped popularize the purchase of cryptocurrency luxury cars. Today, even after the crash, the 45 bitcoins he spent would be worth $ 1 million.
Peter Saddington said many of his industry friends are still looking for luxury cars. Large price swings are normal in digital currencies and shouldn’t get in the way of luxury car buying, said Peter Saddington, who now invests in crypto projects.
During a video chat, Peter Saddington showed a black edition Mercedes that he bought in April with the money he made from mining bitcoin. He said he wasn’t going to sell hers Bitcoin Lamborghini original: “It’s in the other garage.“
AutoCoinCars, an online platform founded in 2018 that allows buyers to buy luxury cars with digital money, saw sales on its platform double to $ 12 million last year, a rate on the rise, says Luke Willmott, chief operating officer.
The company often sees more luxury vehicle sales during market turmoil, Willmott said. Part of the reason, he says, is that Lamborghinis tend to be less volatile than digital currencies. “People are spending because they want to get out of their cryptocurrencies and into physical assets, “he said.” It will then allow them to have that asset that doesn’t depreciate like their crypto asset will.“.
Indeed, through a cruel reversal of the markets, Lamborghinis have recently held their value better than cryptocurrencies. Bitcoin and ether prices have plummeted more than 50% since November, and platforms and lenders like Celsius Network and Voyager Digital have recently gone bankrupt. Meanwhile, the price of a used Lambo has been pretty much stable over the past year, according to CarGurus.com.
Lamborghini sales were higher than ever last year and are on track to break that record this year, according to financial information released last week by parent company Volkswagen. Part of the reason sales have held up so well is because inventory is low and waiting lists are long. A spokesperson said the waiting list for a Lamborghini is over a year and a half.
The lure of cryptocurrency speculators is similar to what drives almost all wealthy people to spend so much on a car. “If you want a really fast car, you can get something else for a lot less. If you buy a yacht, you can take your family on vacationSaid SHL0MS, a pseudonymous non-fungible token artist. A Lamborghini “it exists only to flaunt its wealthsaid SHL0MS, which detonated a Lamborghini Huracan in front of the camera in February to mock the excesses of the cryptocurrency industry. (The resulting NFTs were sold for $ 2.2 million.)