Buying Lamborghini Is a Status Symbol for Crypto Millionaires
The luxury automobile brand Lamborghini has become a status symbol in the crypto space. The Italian car brand has witnessed an uptick in sales as the price of cryptocurrencies boomed last year. In January 2018, the company released a report exhibiting 10 percent growth in sales worldwide.
Crypto Millionaires Flaunt Digital Wealth
Lambo, lambo, lambo, as the crypto kids say. Newly minted cryptocurrency millionaires are flaunting their money by buying the space’s top luxury status symbol, Lamborghinis.
The trend of buying a Lamborghini in the crypto community has increasingly gone viral over the past several months, to the point that when an altcoin seems to be promising, the community now asks in its own unique slang “when lambo.”
The craze is such that there is a website — when-lambo.com — that calculates the amount of digital wealth required to buy a Lamborghini. The calculator has options to choose a particular digital currency and calculates based on the seven-day price average of the chosen digital currency.
At the height of Bitcoin Mania, last year in October life-long entrepreneur Peter Saddington bought a Lamborghini Huracan (price starts at $200,000 USD) using part of his Bitcoin holdings. Saddington, an early investor in bitcoin, was able to purchase the car for 45 bitcoins, which had cost him only $115.
Lamborghini Sales Proportional to Crypto Price Surge
At every turn, businesses are associating themselves with cryptocurrencies to cash on the craze. It is one reason Lamborghini sales have seen an uptick in recent weeks.
Pietro Frigerio, General Manager at Lamborghini Newport Beach in Costa Mesa, California, revealed that sales of the luxury car increased at his branch as the bitcoin price touched the moon last December. In 2013, Frigerio’s car dealership started accepting payments in bitcoin. Frigerio stated that the dealership saw over ten transactions just in the month of December last year.
He told CNBC, “We went from one, maybe two transactions a month from 2013 until 2016, and in [December 2017] alone we had over 10 transactions.”
If there happens to be another major bull run in 2018, it seems a sure bet that Frigerio and others will continue to see a rise in lambo sales.
Will the trend of buying Lamborghini using cryptocurrencies continue? Let us know your views in the comments section.
Images via When Lambo, Lamborghini