Despite market turbulence in 2018, cryptocurrency millionaires are still out in force spending their money on everything from fancy clothes, fast cars, exquisite houses, and lots of flashy jewelry. And many of them have no qualms about showing off their wealth on social media.
As the cryptocurrency market started to explode in 2017, and then experienced some rough dips in 2018 so far, lots of people have been questioning what people are actually doing with all of their money.
Some have just chosen to sell all of their cryptocurrency holdings, while others are buying when they can and are just crossing their fingers for better markets in the future.
But there are some people who, after becoming quite wealthy thanks to cryptocurrencies, are enjoying spending their money on a wide swath of worldly possessions.
Riding in Style
Lots of people love to flaunt their new riches by buying a brand-new car.
But crypto millionaires tend to skip the affordable hatchback or the reliable sedan. Instead, they choose to spend their money on gleaming luxury vehicles.
35-year old Peter Saddington was able to drive off in a 2015 Lamborgini Huracan last year after paying it for it with 45 Bitcoins, which were purchased back in 2011. He said that the purchase was “proof” that Bitcoin can be used for legitimate transactions, and not just “by criminals.”
The so-called ‘Wolf of Crypto Street,’ 18-year old Eddy Zillan , now zooms around in three luxury cars, purchased through a combination of cryptocurrency, early-stage investments, and a few dollars from his rich parents. With a portfolio worth well over $1 million dollars, Zillan now works on giving investment advice to businesses and new investors.
Status Symbols for The Rich
A mansion, (or more than one), is often the status symbol of the rich and famous. It’s no different for cryptocurrency millionaires. Back in October 2017, a Notting Hill mansion went on the market in London for £17 million (approximately, $22 million) in Bitcoin. The seller said the new occupant of the fancy crib would probably be an Asian technology entrepreneur who was familiar with the cryptocurrency.
In April of this year, a wealthy New Yorker was open to watching his $29.95 million dollar Upper East Side townhouse be sold for either fiat, or cryptocurrencies like Bitcoin, Ether, or XRP. But those paying with crypto would have to pay $45 million due to the price volatility of cryptocurrencies.
Those with a lot of cryptocurrency to burn still have the perfect opportunity to bid on 16th century Italian Renaissance mansion with their money. Located right in the heart of Rome, the residence was built by Renaissance architects Girolamo Rainaldi and Giacomo Della Porta.
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