Newly-Minted Bitcoin Millionaires Are Lining Up to Buy Lamborghinis
You’re not truly a Bitcoin millionaire until you’ve sold off some virtual currency to buy yourself a Lamborghini.
That’s the latest takeaway from a popular meme in the cryptocurrency world called “When Lambo.” It refers to the point at which a Bitcoin owner has built enough of a Bitcoin stockpile to buy a Lamborghini. And now, there’s a website available to those cryptocurrency owners called When Lambo? that offers a calculator to quickly determine how many Bitcoins they’ll need to buy a $425,000 Lamborghini. The site notes, however, that its calculations, which are based on Bitcoin’s trailing value over the past seven days, might be off because of the volatility of cryptocurrencies.
Bitcoin and other cryptocurrencies have become an attractive way for some people to quickly build wealth. Those who purchased just a few hundred dollars worth of Bitcoin years ago, for instance, saw their net worths soar over the last several years as Bitcoin’s price continued to jump.
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Those newly-minted millionaires have needed a place to convert their digital wealth into real-world opulence. And with When Lambo? taking the cryptocurrency world by storm, they quickly determined that buying one of the world’s most expensive vehicles was the way to do it.
In an interview with CNBC earlier this year, Pietro Grigerio, a dealer principal at a Lamborghini dealership in California, said his dealership has witnessed the trend firsthand. In December, when Bitcoin was hovering at $19,000, cryptocurrency-related purchases for Lamborghinis at his dealership soared from one or two a month between 2013 and 2016 to more than 10 deals in December.
Frigerio sold three Lamborghinis with cryptocurrency-related transactions in January after Bitcoin’s price fell.
Those folks, it seems, were able to answer the “When Lambo?” question.