Crypto bros are selling their luxury cars in droves as the market continues to bleed
Published on Nov 30, 2022 at 6:07 PM (UTC+4)
by Alessandro Renesis
Last updated on Nov 30, 2022 at 6:07 PM (UTC+4)
Edited by
Kate Bain
Crypto bros are being forced to offload their luxury items – including supercars – as the crypto market continues to bleed.
It’s bad news for them, but it’s great news for the rest of us because for the first time in years, supply looks to be outpacing demand.
READ MORE: One Bitcoin investor has just lost $4 BILLION in less than a month
Crypto assets are notoriously highly volatile and investors often end up losing or making fortunes overnight.
But we’re in a bear market now and crypto investors, miners and traders are struggling to stay afloat.
Which is why they are selling physical assets to offset their digital losses.
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According to the New York Post, there’s a surge “in luxury cars hitting resale sites in recent weeks”.
The report indicates that the average price of these vehicles is also going down.
The average sale price for a Mercedes G-Wagen, for example, is close to $200,000 now – a 30 percent drop in less than 12 months.
Bitcoin, the OG of the crypto world, will celebrate its 14th birthday on January 3.
Coindesk reports that more than 50 percent of Bitcoin addresses are now in loss but some are still performing well.
Investors and early adopters have long been using it to make purchases but many of them are probably regretting it now.
In 2013, a man bought a Toyota Prius for 1,000 BTC, worth around $17 million at today’s exchange rate.
This means his Prius cost him the same as a brand-new Bugatti La Voiture Noire.
And then there’s the guy (pictured below) who famously bought two pizzas for 10,000 BTC.
For reference, 1 BTC is now worth around $16.8k.
So what’s going on in the crypto market?
The short answer is: 2022 was the worst year on record for crypto.
Back in May, a cryptocurrency called Terra Luna lost 99 percent of its value overnight, wiping out $45 billion of market value in the process.
And then a few weeks ago FTX, the world’s second-largest crypto exchange, collapsed.
The fall of FTX created a snowball effect in liquidations as many other major investment companies and exchanges declared bankruptcy.
The silver lining here is that if you’ve got some money to spend on luxury cars, the crypto bear market is your ally.
Might we suggest this like-new McLaren 600LT Spider?
It’s only done 9,000 miles and it could be yours for ‘just’ $255,000.
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