While much of mainstream media is pushing the narrative that Bitcoin is a currency with no redeemable purchasing power, one online supercar dealership is aiming to capitalize on the newly minted crypto-millionaires by accepting bitcoin for Lambos, Porches, Ferraris, and more high end vehicles, once the exclusive domain of only those individuals with fiat wealth.
Listening to the CNBC today one would be left with the impression that once having purchased bitcoin, there is nothing one can do with it (except check its price 30 times per minute of course). Which, of course, is dead wrong: one can buy pretty much anything that Overstock (among increasingly more online retailers) has to offer, one can purchase a home not only in the US but also the UK, and as of a week ago, one could pay an Albany car dealer the digital currency and drive off with any vehicle off the lot.
And now, rushing to capitalize on the countless brand new crypto millionaires minted in the past year, is Moonlambos, an online dealership for supercars with offices in Santa Monica and London which dubs itself “the premier destination for exotic supercars that deals exclusively in cryptocurrency.”
The innovative dealership catering exclusively to bitcoin buyers, sells Aston Martins, Ferraris, Lamborghinis, Mclarens, Porsches and other coupes and convertibles, with a price rangins from 5 bitcoins for a Mercedes 230 SL Pagoda, to a 9 bitcoin Lamborghini Gallardo. to 20 bitcoin for a Ferrari 488, all the way to a 44 bitcoin Lamborghini Aventador LP 750-4 Superveloce.
What some may find most fascinating, however, is the constantly changing price in bitcoin for any one car – a result of the most volatile underlying asset currently in circulation (with the possible exception of electricity).
However, the real news here is not that there is now an exclusive online outlet aimed at bitcoin millionaires: it is that – as we have mused previously – there are so few of them when one considers that the population of crypto nouveau (ultra) riche has exploded in recent months, and is so very eager to spend its newfound wealth. It is almost as if, due to ideological barriers or other irrational considerations, retailers – who are all hurting in Amazon’s shadow – think they are too good to accept a new currency which millions would be delighted to spend, and would rather file for bankruptcy than accept the likes of bitcoin, ether and ripple.
Oh, and for those who say that cryptos are too volatile for any merchant to accept, here is a word you can ask Alexa to look up: “hedging.”
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.