When Lambo? Cryptocurrency millionaires rush to buy Lamborghinis
The world of cryptocurrency is still an untapped and mysterious one, with the richest investors still largely out of the public eye. But the recent trend of measuring crypto wealth in Italian sports cars looks likely to change perceptions of crypto winners, from tech-geeks to pimped-out-Lamborghini-owners.
The relationship between the infamous sports cars and digital currencies began when a Californian Lambo store started accepting Bitcoin and successful investors started claiming their prized new cars cost incredibly low amounts due to their early investments. $135 for a $200,000 car?
And while it started as a joke, the website when-lambo.com – which gives you a fictional date on which you’ll be able to afford a brand-new Lamborghini – taps into a new wave of investors that want to flaunt their new wealth, which has only been accumulated in the past 5 years and required only a minimal investment.
This style of flaunting digital wealth with tangible and flashy assets has caused a mixed response. The Ethereum co-founder Vitalik Buterin has expressed his dislike for the lambo trend in the crypto community on Twitter. “*All* crypto communities, ethereum included, should heed these words of warning. Need to differentiate between getting hundreds of billions of dollars of digital paper wealth sloshing around and actually achieving something meaningful for society,” he said.
*All* crypto communities, ethereum included, should heed these words of warning. Need to differentiate between getting hundreds of billions of dollars of digital paper wealth sloshing around and actually achieving something meaningful for society. https://t.co/aNpEnBNGsA
— Vitalik “Not giving away ETH” Buterin (@VitalikButerin) December 27, 2017
But for a lot of investors, who made money quickly and with little-to-no effort, this newfound cash investment is realising dreams they never thought could come true. And while Bitcoin and the other digital currencies that followed were all designed on the basis of a decentralisation of central money – removing governmental control – the capitalistic nature of modern finance is rearing its ugly head.
For new investors, the lure of a new Lambo may be difficult to ignore but it’ll have to wait. BitCoin is currently on a recovery mission after dramatic losses over the past month saw it dip below $7k after highs of $20k got the community in a buzz at the tail end of 2017.