Many crypto buyers have been consumed by a single, persistent question as they’ve watched the prices of coins rise and fall over the past few years: When Lambo?
Lambo is shorthand for Lamborghini, the luxury vehicle that’s the ultimate symbol of success when it comes to getting rich off of digital currencies, and the focus of thousands of “wen Lambo?” memes. Along with high-end watches and other traditional displays of wealth, the supercars have for years been a fixture at Bitcoin conferences and on the Instagram feeds of crypto influencers.
The recent crash in the price of crypto has flooded second-hand markets with other luxury goods, including Patek Philippe and Rolex watches. Lamborghinis, however, are doing just fine. The strong demand for supercars suggests most owners inhabit a rarified stratum of trophy seekers, those who are so wealthy that they’re essentially undisturbed by changes in the market.
Peter Saddington is one of them. He became famous in the crypto car community after he bought a Lamborghini in 2017 for 45 Bitcoin, equivalent to more than $200,000 at the time. He had bought the Bitcoin for just $115 in 2011, back when the cryptocurrency was worth less than $3. The move helped popularize purchasing luxe cars in crypto. Today, even after the crash, the 45 Bitcoin he spent would be worth $1 million.
Saddington said many of his friends in the industry are still in the market for luxury cars. Big price shifts are par for the course in digital currencies and shouldn’t get in the way of luxury car purchases, said Saddington, now an investor in crypto projects.
Over video chat, Saddington showed off a sleek, black Mercedes he bought in April using money he earned from Bitcoin mining. He said he has no plans to sell his original Bitcoin Lamborghini: “It’s in the other garage.”
HT - Bloomberg - https://www.bloomberg.com/news/articles/2022-08-05/lambo-dealers-are-keeping-warm-despite-crypto-winter
