Many cryptocurrency buyers have been consumed by one nagging question as they have watched coin prices rise and fall over the past few years: When will Lambo?
Lambo is short for Lamborghini, the luxury vehicle that is the ultimate symbol of success when it comes to getting rich from digital currencies, and the focus of thousands of memes”wen lambo?Like high-end watches and other traditional displays of wealth, supercars have been a staple of bitcoin conferences and crypto influencer Instagram threads for years.
The recent crypto price crash has flooded second-hand markets with other luxury goods, including Patek Philippe and Rolex watches. Lamborghinis, on the other hand, are doing great. The high demand for supercars suggests that most owners inhabit a rarefied stratum of trophy seekers, those who are so wealthy that they are essentially unfazed by changes in the market.
Peter Saddington is one of them. He rose to fame in the crypto car community after buying a Lamborghini in 2017 for 45 bitcoins, the equivalent of over $200,000 at the time. He bought bitcoin for just $115 in 2011, when the cryptocurrency was worth less than $3. This move helped popularize the purchase of luxury cars in crypto. Today, even after the crash, the 45 bitcoins he spent would be worth $1 million.
Peter Saddington said many of his friends in the industry are still on the hunt for luxury cars. Big price swings are normal in digital currencies and shouldn’t get in the way of buying luxury cars, said Peter Saddington, who now invests in crypto projects.
During a video chat, Peter Saddington showed off a black edition Mercedes he bought in April with the money he earned from mining bitcoins. He said he had no intention of selling his Lamborghini Bitcoin original: “She’s in the other garage.“
AutoCoinCars, an online platform founded in 2018 that allows shoppers to buy luxury cars with digital cash, saw sales on its platform double to $12 million last year, a rate that is rising. maintains, said chief operating officer Luke Willmott.
The company often sees more luxury vehicle sales during market turmoil, Willmott said. Part of the reason, he says, is that Lamborghinis tend to be less volatile than digital currencies. “People are spending because they want to get out of their crypto and into physical assets,” he said. “It will then allow them to have that asset that doesn’t depreciate like their crypto asset will“.
Indeed, through a cruel reversal in the markets, Lamborghinis have recently held their value better than cryptocurrencies. Bitcoin and ether prices have plunged more than 50% since November, and platforms and lenders like Celsius Network and Voyager Digital have recently gone bankrupt. Meanwhile, the price of a used Lambo has remained roughly stable over the past year, according to CarGurus.com.
Lamborghini sales were higher than ever last year and they are on track to surpass that record this year, according to financial information released last week by parent company Volkswagen. Part of the reason sales have held up so well is because inventory is low and waiting lists are long. A spokesperson said the waiting list for a Lamborghini is over a year and a half.
The lure of cryptocurrency speculators is similar to what drives just about any wealthy person to spend so much on a car. “If you want a really fast car, you can get something else for a lot less. If you buy a yacht, you can take your family on vacation“said SHL0MS, a pseudonymous non-fungible token artist. A Lamborghini”exists only to flaunt his wealthsaid SHL0MS, who in February blew up a Lamborghini Huracan on camera to poke fun at the excesses of the cryptocurrency industry. (The resulting NFTs sold for $2.2 million).