What are people buying with crypto?

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The bull run of 2017 produced a freshly created group of first-generation crypto-millionaires – wealthy loot lovers from their earliest hunches – but fortunes are being spent as fast as they are made.

With a new class of cryptocurrency investor graduates joining the elusive ranks of international money after sensational highs for Bitcoin (BTC) and an impressive craze for NFT – we ask the question: what is the matter? do people buy with their crypto?

Class of 2017

Those brave few who had the audacity to cash in on the 2017 running of the bulls apparently spent a large chunk of their wealth quite exorbitantly; with their paying high risk financial games, they clearly deserved high rewards.

One of the most popular purchases in 2017 was a brief trend for Jacobsen Egg Chairs produced by Arne – priced at around $ 15,000 mid-range – these iconic design pieces were worthy first-generation thrones. .

In a spirit of free thought, some media reports that the 2017 class spent a lot of money on education – with a preference for the Montessori school which encourages education through kinetic hands-on learning that puts the emphasis on education. intellectual curiosity in charge. These unique and elite schools cost around $ 30,000 per year in tuition.

Obviously, higher education was another priority for many of these newly minted wealthy people, with student loan debt widely cited as a major expense – we can only assume that would add up to the average US student debt of 40,000. $.

Of course, exotic cars are an important status symbol in space – with the “wen lambo” meme still circulating to this day.

British trader Peter Saddington took this literally, spending 45 BTC on a 2015 Lamborghini Huracan valued at around $ 200,000.

While cars are well-known depreciated assets, Saddington must be stung for detonating the equivalent of $ 2.3 million in today’s valuations on a large red chunk of expensive Italian plastic.

Class of 2021

Lamborghinis are still on the menu, with the sports car maker reporting a record sales increase this year – no doubt helped in part due to the explosive bull run of 2021.

Luxury watches also seem to be very popular, if degen traders are able to keep them …

how it started vs how it ended pic.twitter.com/P2JYUV2BI4

– rookiexbt 🧲 (@RookieXBT) December 9, 2021

However, with a lot of people still speculating that we are in the middle of the cycle, and some even daring to suggest that we have completely broken the cycle – it seems long-term holders aren’t rushing to cash it all as they have. done in the past.

According to a recent CNBC Millionaire survey, a majority of Millennials now have more than half of their wealth in cryptocurrency, and most of them said they plan to own and own it. accumulate more in 2022.

Read more: What was the most popular cryptocurrency in Germany in 2021?

Disclaimer: The views and opinions expressed by the author should not be taken as financial advice. We do not give advice on financial products.

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