We will not shed tears for these former internet money millionaires.
crash and fire
As cryptocurrency values continue to fall amid the FTX and BlockFi crash, it looks like the industry’s acolytes are looking to make some fiat money from the expensive cars they bought in the bull market.
As the New York Post According to reports, people in the exotic car resale industry are seeing correlations between the major crypto crash(es) of 2022 and the drop in used luxury car prices, which have plummeted in recent months.
In messages with the NYPosta Twitter user known only to him AutohausGuy Mr Griff, who works in the luxury car resale market, said he didn’t think those factors were unrelated.
“It is clear that exotic vehicle price declines have accelerated over the past few months, and this correlates very, very well with the collapse in crypto markets,” said CarDealershipGuy NYPost“where we know that some of the biggest buyers of exotic vehicles have been crypto millionaires.”
The same apparent trend was also examined by The edge last week, and while she was decidedly more cautious on the phenomenon, she also thought it likely that the crypto crash was responsible for a surge in luxury cars just coming out – although experts warned there were other economic factors could play.
“The trend is quite interesting as our valuations rose a few weeks before the big announcements of troubles in the crypto market,” said Ivan Drury, director of insights for auto trading firm Edmunds The edge. “I’d hate to jump to too many conclusions (or postulate possible conspiracy theories that ‘insiders’ knew about before the announcements and wanted to offload assets), but I think the data is amazing.”
While Drury said he and his colleagues are “not 100 percent convinced” that the decline in used luxury car prices and the crypto crash correspond, their proximity has “raised some eyebrows.”
After all, CarDealershipGuy claimed in his messages with that NYPost that his DMs were chock-full of crypto brothers trying to offload their expensive cars and in messages with The edge confirmed the observation.
“If there’s one thing we’ve learned, it’s all correlated when you gut a large fortune,” the Twitter user told the tabloid. “It affects the entire economy.”
More on the crypto crash fallout: Miami nightclubs were appalled that high-spending Crypto Bros are now broke