How do Crypto Millionaires Spend Their Bitcoin Hodlings in 2018 and Beyond
The term “lambo” seems to crop up on every other cryptocurrency discussion thread on the internet. Along with weird lingo like “hodl” and seemingly nonsensical phrases such as “when moon,” cryptocurrency vernacular includes a wide variety of unpredictable words and terms that only have one theme in common—they involve money.
In particular, these terms help to characterize the fevered dreams of many compulsive cryptocurrency investors, that they will have hodled their bags for just long enough for their net worth to hit the moon and Lamborghinis to become achievable purchases.
While it may seem like an improbable dream, the cryptocurrency community has made its fair share of millionaires. The first purchase of pizza with Bitcoin way back in 2010 happened for 10,000 Bitcoin. These pizzas would be worth an incredible USD $41 million today. With this in mind, it should not be surprising that thousands of lucky investors became multi-millionaires when the price of Bitcoin skyrocketed to an unprecedented USD $20,000 per unit.
As the markets continue on a bearish trend of depreciating values, some cryptocurrency market participants have permanently drifted into the dream realm, fantasizing about the best ways to spend their imaginary winnings when the markets eventually turn around. Though it might seem like clear delusion, there is a tangible benefit to the dreaming of those within the crypto space. When the greed of affording the newest car or starting a new business motivate traders, market volume goes up—and the market could surge.
With this in mind, here are some of the ways that cryptocurrency millionaires might spend their imaginary millions.
First, the term “when lambo” has actually gained some legitimacy in 2018. A new Japanese luxury car dealer has announced its intention to accept cryptocurrency for payment on a variety of its expensive vehicles. According to the company, the BitFlyer crypto exchange will allow the car dealership to accept payments in crypto for their vehicles in minutes, which is far quicker than any traditional financing method would allow.
And this company is not even the first dealership to allow Bitcoin to drive purchases on their vehicles. A car owner from Manchester listed his gold Rolls Royce online, only accepting Bitcoin as payment. Additionally, a project premiered at BlockShow Asia 2017 called BitCar allowed cryptocurrency holders to by lambos with their crypto.
Perhaps a more effective way for the newly-wealthy cryptocurrency investor to spend their wealth is to buy a brick and mortar business using their winnings. There is already a precedent for this kind of purchase, with one island plot within the Caribbean currently on the market for a massive amount of 570 Bitcoin.
Dubai also offers hundreds of potential apartments for sale for Bitcoin. The catch? Every one of these apartments have been sold, and ten of them were paid for using BTC. Another property in Miami was listed for sale with Bitcoin as a possible way to pay.
Investing in Education
Yet another meaningful way that one might be able to use the money from liquidating a valuable cryptocurrency wallet is to pay for school. For hundreds of years, education has been one way that an individual can raise their marketability and net worth. In the modern era, it is more important than ever for the average worker to have a degree under the belt.
But as the price of a college education continues to rise, affording school is a difficult process. However, a crypto millionaire might just be able to allocate some of their wealth towards a new kind of investment in their educational future.