There’s no denying that digital currencies have disrupted financial systems over recent years, with cryptocurrency transforming the ways in which we complete transactions – but they have also sparked the induction of a new generation of young traders into the investment space, some of whom now hold eye-watering wealth in their crypto wallets.
Platforms like the Immediate Momentum trading site have made it easier than ever for people from all walks of life and of all skill levels to start leveraging digital currencies like Bitcoin and Ethereum to grow their investments, and whilst it’s no get rich quick scheme, there are now a staggering number of crypto millionaires across the globe – estimated to be around 88,200 – and a further 2022 crypto billionaires on top.
With this in mind, it’s perhaps unsurprising that we’ve seen some impressive crypto splurges on everything from luxury real estate and supercars to superyachts and more recently, NFTs, since Bitcoin and co. first came to market, and as the luxury space increasingly embraces cryptocurrency as a means of payment, we’re likely to see greater extravagances paid for with the coins.
Until then, let’s take a look at the largest luxury crypto purchases ever made, in a showcase of just how much cryptocurrency has transformed the world of opulence.
Non-Fungible Tokens (NFTs) have been making waves over the past couple of years, quickly becoming one of the most sought-after digital assets available and taking the art world by storm. Various digital artworks have been sold to crypto millionaires for almost unbelievable sums on money – take, for example, the artist Beeple’s masterpiece, ‘Everydays: The First 5,000 Days’, which was parted with for the princely sum of $69.3 million in Ethereum. Smashing world records in the space and signalling a new era of art collecting, it has since spurred other iconic artists on to monetise their creations via global NFT market places, without the need for intermediaries to help them out.
It took some time for cryptocurrency to start being accepted as a means of payment in the luxury real estate space, but once it did, there was no stopping crypto millionaires in search of their next dream home or investment property. In 2021, a sale was closed and completed on a lavish beach penthouse in Miami for a cool $22.5 million, with the buyer using 455 Bitcoin to seal the deal. This made it one of the largest ever single-crypto transactions to have been made anywhere in the world, but as acceptance of crypto across the market continues to grow, we can expect to see some even more staggering real estate purchases in the near future.
What could be more extravagant than owning your own slice of paradise? In 2020, an unknown buyer acquired a private Caribbean island to call their own for somewhere around 66,000 Bitcoin, which at the time, equated to about £9 million. While many crypto millionaires choose to spend their fortunes on lavish luxury holidays around the world, it seems that some are looking to go one better, and the sense of exclusivity and privacy that comes with owning your own island is surely second to none.
Luxury superyachts are well-known for their eye-watering price tags, so it stands to reason that those holding immense crypto wealth would be some of the most likely to splash out on one. In 2021, a crypto enthusiast did just that, purchasing a breath-taking 100-foot yacht for $4.8 million in Bitcoin. Whilst it might pale in comparison to some of the world’s largest superyachts, which are generally reserved for billionaires, the extravagant acquisition was proof that all aspects of the luxury space are making moves to adapt to demand from crypto millionaires quickly.
What’s one of the first things you’d splurge on if you found yourself nursing a crypto fortune? For many, the answer is a luxury supercar. And a Pagani Huayra Roadster was snapped up for an extravagant $3.4 million dollars in Bitcoin not so long ago, making it one of the most expensive cars to have been purchased in crypto to date. Now, we’re seeing more car manufacturers begin to embrace Bitcoin, Ethereum and other digital coins as a means of payment, with Elon Musk’s electric car company Tesla perhaps one of the most notable. And exclusive car dealership platform BitCars has also now made it possible to snap up supercars by Ferrari, Lamborghini, Bentley and more using crypto. Could such eye-watering car crypto purchases soon become the norm?