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Since their launch, cryptocurrencies have taken the digital financial world by storm. Their adoption into a range of different industries is proving successful and its use amongst consumers is rocketing.
As larger bodies such as Mastercard make spending crypto currencies easier and more accessible, naturally their use and popularity will increase amongst investors, making them more sought after than before.Â
The graph below shows the daily transactions of some of the most popular cryptocurrencies from January 2017 to December 1st 2020.Â
(Source: Statista)
The graph paints an evident picture clearly outlining which cryptocurrencies seem to be the most popular, but also how much they have grown in strength and use over the years. Ethereum has one of the best success stories when looking at the graph, it has rapidly grown over the years overtaking Bitcoin and continues to grow but with some energy concerns.Â
Bitcoin, the first ever cryptocurrency also indicates high levels of growth, which proves how crypto investment is changing the financial sector and subsequently the retail world. However, crypto is now also making its way into the luxury car retail world and seems to be most popular between 18-35 years olds.
Luxury car purchase using crypto currencyÂ
BitCar launched in 2018 has opened up the classic and luxury car market to cryptocurrency investors. It is a blockchain-based platform that, unlike traditional means of purchasing, opens up the ultra luxury and classical car market to everyone with easy access.Â
The cars on the platform are tokenised representing investors that have purchased BitCar tokens. This will then allow investors to swap BitCar tokens to own a fraction of the luxury car. Pricier cars and limited edition cars which are rarer will be acquired for BitCar and then stored away or even displayed for up to 15 years.Â
The platform is designed to help crypto investors peg their invested crypto cash to hard physical assets. Although this may sound slightly obscure, exoctic cars have in the past, out valued other physical assets such as gold, property and stocks. This creates a unique position for investors which could secure their investments than traditional means.Â
The BitCar platform tents to only target high end luxury cars, they type you don't normally see on the roads. This is because historically they have much lower fluctuations in price due to their rarity. This will help create stability for investors.Â
Not only has the BitCar platform allowed investors own fractions of rare cars, it has allowed them to purchase luxury cars using their cryptocurrencies. In doing so, indirectly the platform has boomed the sale of luxury cars, demanding more from the sector as interests have grown.Who would have ever though that buying a luxury car using your smart device would be so easy?
When Lambo?
Unsurprisingly the Lamborghini has become the status symbol of success in the weird and wonderful world of cryptocurrencies. The term ‘When Lambo?’ has become the shorthand for crypto success referring to how long will a crypto currency take to be worth enough to purchase a Lamborghini with it.Â
One of the biggest insights into the crypto world will most definitely show how cryptocurrencies fuel demand. Since the ‘When Lambo’ shorthand has started, car manufacturer Lamborghini, have seen a steady rise in the purchase of their cars reporting record sales.Â
The chart below outlines the number of Lamborghini deliveries made between the years of 2006 and 2019. There is an obvious jump in sales in between 2017 and 2019 which corresponds with the crypto boom.Â
(Source: Statista)
Historically Lamborghinies have always been the status symbol of wealth because let's face it, no one needs a Lamborghini but it's just nice to have one. With this in mind, the ability to purchase luxury cars such as the Lamborghini has helped to boost the super-luxury car market. Taking it to new heights.Â
Luxury brands interested in cryptocurrencies
The popularity of crypto, now adopted in the luxury car sales market means there is also scope for it to be used to acquire other luxury items from luxury brands such as Hublot who sold a limited edition watch to celebrate the 10th anniversary of Bitcoin.Â
The watch which was marketed at a value of $25,000 could only be purchased using Bitcoin with only 210 pieces sold world wide. Not only does this seal the stamp of wealth but its exclusivity and approach flock crypto investors to opportunities such as this.
Cryptocurrencies is also help grow age old luxury brands such as Gucci and Louis Vuitton who are now considering accepting cryptocurrency as a form of payment creating exclusive experiences for their customer whole purchase which goes far beyond limited editions and time that can only be purchased sign crypto currencies.Â
As crypto enters the elusive world of luxury brands, ists use and prospects will only entire to grow, Although there much to be said about how the cryptomarket and currencies are dying with speculation of its fall to eminent, the lives if reich and wealthy who can afford and sue crypto paints a whole new picture for cryptocurrencies with a bright future.Â
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.