Tuesday, March 2019
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Bitcoin millionaires buy Lamborghinis as a status symbol of crypto wealth
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Bitcoin millionaires buy Lamborghinis as a status symbol of crypto wealth

People who made their resources with investments in bitcoin, the second largest cryptocurrency by market value, are purchasing Lamborghinis as the ultimate status symbol in their community. Resultantly, the stylish Italian sports car has become an internet meme which costs from US$200,000.

The crypto craze lead Peter Saddington, a 35-year-old coder living in Atlanta, in the US, to pay 45 bitcoins to ride off in a 2015 Lamborghini Huracan which cost him US$200,000 last fall. The crazy thing to notice here is, those coins cost him less than US$3 a piece when he purchased this digital currency in 2011.

In 2017, Saddington told Yahoo Finance, “Buying the Lambo with bitcoin is proof it can be used for real transactions, buying really cool stuff”. According to Yahoo Finance and CNBC, Saddington paid the seller directly in bitcoin with a transaction fee of US$7.95 and the sales tax in cash.

Similarly, an estate agent Piper Moretti, whose company The Crypto Realty Group concentrates in serving people acquire homes with crypto, witnessed one of her primary crypto customers got a Lamborghini with bitcoin in 2017.

A family from America’s East Coast allured by a US$3.2 million home on Manhattan Beach. Moretti’s customer, who asked to hide his name, desired to pay in bitcoin. But the seller’s agent was not agreeing on it. Moretti thought they had to get some way to convince they were not trying to trickster the seller. Meanwhile, the price of bitcoin inflated and Moretti’s customer turned to get a Lamborghini from an Orange County car dealership that takes bitcoin as payment.

Moretti said her client to provide all receipts and documents from this transaction, which she then gave the seller’s agent as proof to exemplify that bitcoin payments really exist.

Moretti told Business Insider, “The Lambo actually helped us get the house”.

Cryptocurrency is “not just internet-nerd money”, she added. “You can actually buy things.”


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