Industry Analysis

Crypto millionaires are seeking luxury goods despite the crypto winter

Crypto millionaires are not aware of the crypto winter given their spending pattern. From Lamborghinis to expensive jewelry, the crypto millionaires seem to be unaffected by the bearish forces that have rocked the crypto market in 2018.

According to one of the luxury goods merchants, Elizabeth White, cryptocurrency millionaires are spending on Ferraris, Lamborghinis, rare art, among other goods and paying her directly using cryptocurrency.

In 2018, White recorded transactions worth roughly 250 million U.S dollars and the list of people seeking her services from the crypto circles keeps growing.

For Elizabeth:

Luxury, in general, is in high demand as an aspirational achievement purchase. People buy luxury items because they want the ‘best’ of something, or as a status symbol.

White revealed that she is a very huge supporter of Bitcoin having been involved from its early days barely because it was a ‘counterculture.’

The 2017 bull run made many crypto millionaires most of which, according to Elizabeth, were young and did not think about investing. Instead, they were looking for ways to spend their crypto wealth. But with only a few crypto exchanges providing crypto to fiat conversion, Elizabeth took the chance and involved the services of a processor to handle her crypto payments.

But even as they spend, the crypto millionaires want their purchases to always be anonymous.

While giving her thought on the future of crypto, Elizabeth said that:

The speculative bubble in cryptocurrency is over [which] allows the community to focus on more serious, long-term projects. While there will probably be only a handful of cryptocurrencies that will remain relevant in a few years, there will be many revolutionary services and companies built on blockchain technology.

Do you think crypto millionaires will start investing their wealth due to the unpredictability of crypto prices?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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