Demand for Lamborghinis has markedly increased in recent months thanks to newly-minted bitcoin millionaires choosing to splash their cash on the luxury supercars.
Some dealerships are reporting as much as a 10x increase in sales as a result of the recent surge in bitcoin prices towards the end of last year, driven in part by a popular meme amongst bitcoin investors.
Lamborghinis are the specific car of choice for bitcoin millionaires, thanks to the ‘When Lambo’ meme, a popular idea amongst online bitcoin and cryptocurrency communities.
It refers to the idea of cryptocurrency investors getting rich from their holdings, and ultimately splashing out on the luxury supercars, as a reflection of the upside potential stored in the cryptocurrency.
While bitcoin prices have experienced some turbulence over the first quarter of 2018, the meme was shown to have real-world consequences towards the end of 2017, with dealerships reporting a strong surge in sales from bitcoin millionaires, coinciding with the surge in market prices.
According to online calculator When Lambo?, which offers a quick calculation of how many bitcoins are required to buy a Lamborghini, the value of the car of choice for the bitcoin community stands at a cool $425,000.
With numerous early investors in bitcoin seeing their net worth skyrocket over 2017, and in particular in December of last year when prices rose to near $20,000, the meme has proven to be very good news indeed for Lamborghini dealerships.
In particular, Pietro Grigerio’s dealership in California reported a rise from 1-2 sales a month, to as many as 10 new sales in December, and a further 3 in January, despite the downturn in bitcoin price around this time.
While bitcoin markets appear to have temporarily cooled from the giddy heights of December 2017, there is still ample enthusiasm for cryptocurrency, and for blockchain technology more broadly.
In 2018 so far there have been as many as 20 new hedge funds established, with a specific focus on cryptocurrency investing, as well as ongoing interest from larger institutional investors in the emerging space.
While there are no guarantees for 2018, any further uptick in market prices could well spell further good news for Lambo dealers like Grigerio, if not the bank balances of those newly-made bitcoin millionaires.