Crypto millionaires are investing in the luxury market

Crypto millionaires are investing in the luxury market

Anonymous
April 8th, 2018


Crypto millionaires are not just consumers, but also savvy investors of digital currencies and other assets of value. The proliferation of digital asset exchanges worldwide such as Coinbase from the US and the Singapore-headquartered Huobi are cases in point. Huobi, which sees itself as a leading global digital asset exchange, serves millions of users from more than 130 countries, many of whom are likely crypto millionaires. Such exchanges are a platform for various types of blockchain assets, which are digital assets based on blockchain technology that can be transferred to others without the need for a third-party. According to research, there are over 1000 types of blockchain assets totaling about $200 billion around the world.

Unsurprisingly, there has been an increase in demand from people seeking to purchase digital assets in cryptocurrency. Such assets appeal to crypto millionaires unable to monetise their digital wealth as traditional financial institutions like banks do not accept large amounts of cryptocurrency. Many of these assets are luxury-related such as art, cars and gold. Broadening its reach, Dadiani gallery recently launched Dadiani & Partners – the UK’s first and only luxury asset and commodity exchange for cryptocurrencies. The exchange serves as a platform for crypto-affluents to purchase luxury goods in digital currency, opening up a whole range of possibilities for the luxury space.

Ever heard of Bitcar? It is a blockchain-based platform that aims to revolutionize ownership of ultra-luxury vehicles. Through Bitcar, investors are able to own exotic supercars and classic cars fractionally or in multiple numbers using tokens to dream assets such as Ferraris, Lamborghinis and Bugattis. About $105 billion worth of cars are available. The company behind Bitcar purchases the cars and stores or displays them for up to 15 years while the asset appreciates in value. Asset token holders decide by vote when to sell the car, which is auctioned off and the returns distributed to investors.