Lamborghini is one of the most favorite cars of millionaires and billionaires.
Luxury watches and Lamborghini cars are a must at every bitcoin event.
The recent drop in the price of cryptocurrencies has taken a toll on the luxury goods market. The millionaires who got rich quickly with the same liberal spending patterns as before are gone.
According to Bloomberg, sales of luxury watches such as Patek Philippe and Rolex plummeted. But Lamborghini does not seem to be in this trend. It seems that there are still crypto millionaires who are so rich that they have not been affected by the recent crash.
Peter Saddington is one of them. He became famous in the crypto millionaire community when he bought a Lamborghini in 2017 for 45 bitcoins (equivalent to $200,000 at the time).
The above bitcoin was bought by him in 2011 for a total of 115 USD (bitcoin price was just under 3 USD at that time). Currently, the value of 45 bitcoins is up to 1 million USD. It can be said that Saddington is one of the originators of the trend of buying supercars with digital currency.
Saddington said many of his friends are still shopping for luxury cars and the virtual currency sale will not hinder demand. Saddington has no intention of selling his original Lamborghini and even bought another black Mercedes in April with bitcoin mining money.
AutoCoinCars, an online platform founded in 2018 that allows buyers to buy luxury cars with digital currency, has seen sales double to $12 million in the past year.
AutoCoinCars CEO Luke Willmott said the company’s car sales grow even stronger every time the cryptocurrency depreciates. This is because investors want to move assets from virtual currency to something less volatile like supercars.
The truth is that. While bitcoin and ether prices are down more than 50% from their peak in November 2021, used Lambo prices have remained stable throughout 2022, according to CarGurus.
Lamborghini sales last year were higher than ever and are on track to surpass records this year, according to parent company Volkswagen AG.
O’Gara Coach Co., a premium car dealership in Southern California with the option to buy cars with crypto, claims Lamborghini sales have remained steady despite the crypto market turmoil.
A spokesman for O’Gara Coach Co. also said that the dealer’s waiting list for Lamborghini has even lasted for more than a year and a half.
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