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Crypto Traders To Sell Their Exotic Cars As Crypto Continued crashing

Posted by on December 9th, 2022 at 5:40 pm with 4 Comments
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One thing everyone knows about big Crypto bros is their love for supercars and other exotic rides. But, the current market situation has not been favourable to them, and they are being forced to sell their cars to cover their losses.

The crypto market has been experiencing some major dips for a while now. Each day in the crypto market has left traders and buyers in a state of panic. As such, many Crypto bros are being forced to offload their luxury items – including their supercars, as the crypto market continues to experience a major fall.

What the Crypto bros are living through can be characterized as one thing: unprecedented times. It’s a piece of bad news for them. Every Crypto asset is notoriously highly volatile, and investors often lose or make fortunes overnight.

But the market is a bear market now, and Crypto investors, miners, and traders are struggling to stay afloat. It is the major reason why they are now selling physical assets to offset their digital losses.

New York Post notes that there’s been a surge “in luxury cars hitting resale sites in recent weeks.”

According to the report, the average price of these vehicles is also decreasing. For instance, the average sale price for a Mercedes G-Wagen is close to $200,000 now – a 30 per cent drop in less than 12 months.

By January 3rd, the number one Crypto coin, Bitcoin, will celebrate its 14th birthday. Coindesk reports that more than 50 per cent of Bitcoin addresses are now at a loss, but some are still performing well.

Once A Taxi Driver, Now A Crypto Billionaire, check out Chris MMCrypto net worth, car collection
Once A Taxi Driver, Now A Crypto Billionaire, check out Chris MMCrypto net worth, car collection

Many investors and early adopters have long been using it to make purchases, but many 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 the Prius he bought in 2013 cost him the same as a brand-new Bugatti La Voiture Noire.

There’s another guy who famously bought two pizzas for 10,000 BTC. Now, 1 BTC is worth around $16.8k.

What’s Going On In The Crypto Market & How Does It Affect Cars?

2022 is the year the Crypto industry has recorded the worst experiences. In May, a Terra Luna cryptocurrency lost 99% of its value overnight, wiping out $45 billion of market value in the process.

Just 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 only silver lining is that if you’ve got money to spend on luxury cars, the crypto bear market is your ally.

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