What crypto billionaires are doing with their money

What crypto billionaires are doing with their money

Cryptocurrency
April 18, 2022 by Diana Ambolis
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With the popularity and value of cryptocurrencies like Bitcoin and Ethereum continuing to rise, it’s never been easier to spend digital money on real-world luxury, with all the usual suspects on the horizon. People looking to convert their digital money for actual goods can now purchase everything from megayachts to sports cars, paintings, and even
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With the popularity and value of cryptocurrencies like Bitcoin and Ethereum continuing to rise, it’s never been easier to spend digital money on real-world luxury, with all the usual suspects on the horizon. People looking to convert their digital money for actual goods can now purchase everything from megayachts to sports cars, paintings, and even gold bullion. Here are some of the most opulent, extravagant, and expensive ways to spend your cryptocurrency.

Megayachts

Ocean Independence, a Swiss yacht brokerage agency, said this year that it would begin taking cryptocurrency from clients interested in purchasing some of the world’s most unique ships.

“Cryptocurrencies have become a fundamental element of today’s world and will continue to grow in importance,” says Ocean Independence managing partner Peter Hürzeler. “As a result, our clients may now pay for their yacht purchase and hire with this sort of currency,” says the company. As one of the first yachting firms to do so, we are thrilled to be able to accept the majority of popular cryptocurrencies.”

Anyone with a crypto fortune burning a hole in their USB drives might want to consider a superyacht like Soaring. The 68-meter Abeking & Rasmussen superyacht offers luxurious accommodations for up to 12 guests in six bedrooms and a variety of indoor and outdoor recreational areas, including a magnificent spa. A private deck and outdoor sitting space are also available to the owner.

Soaring might be yours for roughly 2,218 Bitcoin at writing, with a price tag of €98 million ($107.5 million).

Property

A luxurious property will be a top goal for any self-respecting crypto billionaire. Fortunately, the real estate industry has been fast to welcome cryptocurrencies, with many agents currently accepting Bitcoin for property sales. Bithome is one such company that displays properties for sale worldwide that can be purchased using the famous digital currency. Among many options include a beach house in Fiji, a penthouse in Cyprus, and property in Romania.

A three-bedroom apartment in the old Swiss city of Lugano, which sits near the gorgeous lake, has its appeal. The 1,940-square-foot property is beautifully outfitted, with made-to-measure wardrobes from neighboring Italy and two parking spaces in a thermoregulated garage. It is listed at 54.6BTC – nearly $2.25m at writing.

Cars

It should be easy to find acceptable premium cars to occupy those two empty parking spaces. Sportscars have been among the most notable acquisitions made by a new class of ultra-wealthy people who have gained their fortune through cryptocurrencies. Bitcars, based in Europe, now takes several cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, in return for some of the world’s most luxurious automobiles.

The company, which began by selling expensive watches and jewelry in exchange for bitcoin, is now offering a Ferrari SF90 for a little more than 22 BTC, or nearly $900,000 in today’s currency. The SF90, a mid-engine plug-in hybrid, is the crown jewel of the marque’s line-up, available only to those clients judged worthy by the famous Italian supercar constructor.

It lapped the company’s Fiorano test circuit faster than the brand’s hypercar, the LaFerrari, while still managing more than 80 kilometers per liter – ideal for the eco-conscious crypto baron looking to offset the environmental impact of Bitcoin mining.

The convertible Mercedes embodies the beauty and grace of a bygone era and is listed on Bitcars for 37.710400 Bitcoin, or roughly $1.5 million. However, cryptocurrency may be used to purchase more than only current supercars. You can’t do much better than a 1957 Mercedes 300 SL if you want a genuinely exquisite driving experience. Its beautiful red leather inside would provide the ideal vantage point for a trip into the Swiss Alps.

Bullion is gold and silver.

Investors wishing to trade the volatility of cryptocurrencies for the comparative haven of precious metals can turn to specialist organizations like Bitgild. Reuters. Investors wishing to trade the volatility of cryptocurrencies for the comparative haven of precious metals can turn to specialist organizations like Bitgild. Reuters Gold or silver bullion could be ideal for those who are less interested in flashy shows of wealth but still wish to invest their crypto fortune intangible assets.

Specialist firms like Bitgild have sprung up to fulfill the needs of savvy investors who want to avoid the volatility of cryptocurrencies and instead invest in the comparatively secure haven of precious metals. Unlike the realm of luxury yachting, the cost of such a service is affordable to even the modestly rich.

At the time of writing, a 50-gram bar of gold costs around $3,200 (or 0.0779064544BTC), while a one-kilogram bar costs almost $63,000. Bitgild presently accepts 18 cryptocurrencies, including BTC and ETH, which can be used to acquire silver, which costs less than $1,000 per kilogram.

Art

Employees of Christie’s holding Keith Haring’s ‘Untitled, 1984’ purchased using cryptocurrency last year. EPA
Employees of Christie’s holding Keith Haring’s ‘Untitled, 1984’ purchased using cryptocurrency last year. EPA
While digital art sales for large sums of money have made news in recent months, digital currency can now be used to purchase physical art. When a pair of paintings by British graffiti artist Banksy sold for 3,093 ETH – more than $12 million – in November, Sotheby’s became the first auction house to accept cryptocurrency as payment for actual works of art.

Sotheby’s, which has been in business for almost 300 years, now enables live Ethereum bidding during some auctions, with the hammer price also available in Bitcoin and USD Coin. Christie’sNot to be outdone, Christie’s started taking cryptocurrencies as payment for tangible art last year, selling a $5.4 million Untitled painting by Keith Haring.

While cryptocurrencies are generally used in Christie’s contemporary art sales, they are also accepted in some private sales. Make sure your art buyer inquires about Andy Warhol’s Shot Sage Blue Marilyn, which, if it sells for the estimated $200 million, will become the most expensive 20th-century work ever sold.

Also, read – A Newby’s Guide to Buying, Selling, and Creating NFT

Tungsten

Tungsten is an item that should be on any list of things to buy with cryptocurrencies. A subset of the crypto-obsessed, who seek metal cubes as souvenirs of their achievement, has turned to the relatively rare and hefty element as the ultimate status symbol.

The demand for Tungsten reached a fever pitch last year when a group of unknown crypto speculators purchased a 900 kg cube. The cube, made in the United States and measured just under 37 centimeters wide, was sold for $250,000 in ETH and a matching NFT.

Midwest Tungsten Service, the same firm that made the record cube last year, is the place to go if you want to get in on the trend for little blocks of unexpectedly hefty metal. The metal comes in a dizzying array of shapes, ranging from low-cost cubes measuring a few centimeters to extremely pricey cubes spanning only a few centimeters but weighing substantially more.

The four-inch cube, weighing an astonishing 18.88kg, is the one to opt for if you’re looking for the ultimate prestige symbol. The Tungsten cube will set you back $3,499, and you can pay with Bitcoin, of course.