Crypto Millionaires Go All Out on Spending Their Newfound Wealth

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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Neutral Dollar Stablecoin Founder Explains How to Access Shared Liquidity Pools

Matthew Branton, the Founder and Chief Technology Officer at Neutral, a smart contract-enabled platform that provides various financial instruments for the cryptocurrency industry, has predicted that stablecoins will have “a tremendous impact on the future economy.”

Branton, a computer science graduate from Lafayette College, told CryptoGlobe that stablecoins offer “access to a digital currency that can enable payments, credit, and banking services which many people don't have access to.”

According to Branton:

[Stablecoins are] innovative digital assets [that] will help lower the barriers for [major financial] applications and [they will also] help people transact in value [systems] they are familiar with, such as the USD [and other fiat currencies.]

“Cultivating Healthy Dialogue to Help Build Wider Understanding” of Stablecoin Market

In response to a question about how the traditional financial system could be upgraded (in terms of both the regulatory framework and technological infrastructure) so that it can allow users to legally acquire stablecoins and other digital assets, Branton remarked:

In order to ensure that regulation evolves in tandem with advances in financial technology (FinTech), dialogue between regulators and innovators is essential. Cultivating a healthy dialogue among fintech project [developers], stakeholders and regulators of traditional finance will help build wider understanding of the benefits of stablecoins, and in turn accelerate the creation of regulation and infrastructure that accommodates stablecoins in the global economy.

Neutral Dollar Aims to Provide “Diversified Exposure” to Investors at “Lower Risk”

When asked what unique value proposition the Neutral Dollar stablecoin offers, which may not currently be available in the cryptoasset market, and how this is supposed to be relevant and useful, Branton said:

The Neutral dollar provides diversified exposure, presenting a lower risk alternative against other stablecoins (which contrary to their name, may not exhibit stability) in the market. In addition, the Neutral Dollar functions in a way that creates an additional layer that allows for shared liquidity amongst constituents stablecoins, a property that isn't inherent in their design. Given the fragmented and nascent nature of the crypto market structure right now, this solution is particularly relevant and unique in the marketplace.

Responding to a question about the potential impact he expects his company’s line of products to have on the cryptoasset market, Branton stated:

The impact of our products is to not only give end-users a better means to invest, trade, or hedge cryptoassets, but to also facilitate liquidity and engage in better portfolio management practices through our products. In order for the digital asset space to reach its full potential, the industry needs reliable financial instruments that take us beyond the limitations of fiat currencies, while also upholding the highest standards in stability and transparency. In the longer term, we plan to explore the launch of a suite of financial products to improve market infrastructure and activity.

Digital Asset Security Is “Quite Solid”

Commenting on how we can ensure the security of our assets, including stablecoins users might acquire, since the technology used to transact in these assets is highly technical, Branton noted:

Given that collateral is on-chain and smart contract based, security is decentralized in nature and quite solid. Asset safety is still the responsibility of the end-user — crypto-storage extends beyond the case of stablecoins and Neutral Dollar itself.

He added: “Ultimately, once a Neutral Dollar token is deployed on smart contract networks, it will function completely autonomously. The math and algorithms that govern its operation will operate independently of a centralized entity and in a transparent manner, and provide continuous services on the network.”