‘If you are a Bitcoin millionaire then prove it’, the new slogan of crypto enthusiasts.
Bitcoin and other cryptocurrency millionaires are buying Lamborghini’s luxury sports cars as the ultimate status symbol in crypto community.
“When Lambo” has become a popular meme in the crypto world and refers to the point at which a Bitcoin owner has built enough of Bitcoin stockpile to buy a Lamborghini, the Italian luxury supercars manufacturer. And now there’s even a whole website named when-Lambo which helps Bitcoin owners to calculate how far they are to buy a $425,000 Lamborghini.
For some Bitcoin millionaires, a Lamborghini is more than just a status symbol. It serves as proof that the cryptocurrency does hold real-world value. Last year, the Lamborghini dealership in Atlanta got a visit from Peter Saddington, a 35-year-old programmer who is neither a rapper nor a celebrity. He bought a $200,000 2015 Lamborghini Huracan by selling 45 from his Bitcoins. He claims that these 45 Bitcoins were worth less than $115 when he bought them.
Similarly, Piper Moretti, a realtor who specializes in helping people use Bitcoin to purchase homes, organized a deal for one of her clients to buy a $3.2 million home in Manhattan Beach. She said that the Lambo purchase helped prove that Bitcoin wasn’t just some made-up internet thing, but real money that could be used to make real purchases such as homes and cars.
The Bitcoin enthusiasts’ Lamborghini purchases are not just a crazy bargain. It reflects a trend of the newly rich people spending their crypto wealth on the Italian supercar.
Lamborghini dealership in California claims that they had “over 10 transactions” involving cryptocurrency in December when Bitcoin reached $19,000 per coin.
Meanwhile, the crypto market as a whole is having a bad time these days as Bitcoin and altcoins reached record level low-level, last week. However, stories of buying expensive cars with money earned from crypto will certainly have a positive effect on investors sentiment.