“Whenever the price of cryptocurrency is rallying, people start spending their digital wealth a lot more”
Maybe Erik Voorhees thought of saying this seeing crypto billionaires spending their digital wealth on a robust range of things. Cryptocurrencies have been turning heads for years now. And the news of people becoming billionaires with crypto circulates every now and then.
But have you ever wondered how crypto billionaires spend their digital wealth? Do they spend their crypto assets like normal billionaires?
Let’s find out.
Luxury Items Crypto Billionaires Spend Their Crypto Earnings On
Mega yachts
Can you imagine buying the megayacht of your dreams once you become a crypto billionaire? Using cryptocurrency to purchase a boat or yacht is similar to purchasing a car or real estate. It’s an asset (well, the car – not really, but you get the point). In late 2020, a 52-foot Lagoon catamaran in Fort Lauderdale was purchased with a combination of US dollars and Bitcoin.
According to Jonny Dodge, CEO of My Ocean, cryptocurrency payments provide a new avenue for finding clients for superyacht charters. He transitioned from providing luxury Formula 1 experiences in Monaco and elsewhere to providing superyacht services in 2020. My Ocean provides luxury vessel buying, selling, managing, and chartering services using cryptocurrency.
Real Estate
If you are interested in real estate, then you already know about the eye-catching 2020 crypto transaction in the field of real estate. A Miami penthouse was sold for $22.5 million in Bitcoin. This made it the largest crypto real estate transaction in history. So how can you buy your dream house with crypto? The procedure for purchasing real estate with cryptocurrency from a private seller will differ depending on the seller. For instance, Condos.com allows you to buy directly from builders. It eliminates the middleman. So, you will have a wide range of options for new and pre-construction buildings. Miami, New York City, and San Francisco are among the popular cities where you can buy condos with Bitcoin.
Further in 2021, a $29 million luxury Manhattan apartment went on the market, and the owners demanded only Bitcoin as payment. Want to hear more? A mansion in Austin, Texas, sold for $18.5 million in cryptocurrency in 2022. And guess who the seller was? It was music executive Scooter Braun. Pop music fans know him as he worked with Taylor Swift, Justin Bieber, and other pop stars.
Cars
In November 2018, Quavious Marshall, better known as Quavo of the local rap group Migos, purchased a Silica White McLaren 720S from MotorCars of Georgia. It is a dealership just outside of Atlanta. A fairly regular event for rich people.
Migos did, however, capture the attention of the dealership and the internet by exchanging 45 bitcoins for a 2015 Lamborghini Huracan with a white matte wrap and race exhaust features worth $200,000. You will find several ways to purchase a car using cryptocurrency. Some online car marketplaces, such as Car for Coin and BitCars, allow you to trade in cryptocurrency, primarily Bitcoin, for a vehicle.
In addition to physical dealerships such as Lamborghini Newport Beach in Costa Mesa, California, many reputable auction houses such as Mecum Auctions accept cryptocurrency-based debit cards such as BitPay.
Art
Beeple, a computer science graduate whose real name is Mike Winkelmann, took the internet by storm when he auctioned off a piece of crypto art at Christie’s for US$69 million on March 11, 2021. It might sound like a dream, but today, you can even buy art pieces with your crypto holdings. Could you imagine Ape paintings have sold for tens of millions of dollars? Yes, we are talking about the famous Bored Ape Yacht Club NFT collection. NFT is a digital art form that mimics real-world art. It is treated similarly to physical artwork collections, with owners able to prove ownership of a piece of crypto art.
It is worth noting here that Christie’s began accepting cryptocurrencies as payment for physical art last year. It sold a $5.4 million Untitled painting by Keith Haring. The day might come soon when you can grab the opportunity to own an original piece by Leonardo da Vinci with your crypto holdings.
Gold and Silver
Gold and silver are long regarded as good investment options. But what if we tell you that the time has come for you to purchase silver or gold using a cryptocurrency such as Bitcoin?
Bitcoin payment service provider BitPay has collaborated with the best precious metals dealers to give you the opportunity to pay for silver and other precious metals using virtually any cryptocurrency wallet. BitPay accepts 13 different cryptocurrencies. The BitPay Card works in the same way as any other debit card. However, rather than your bank account, you fund the card with your preferred cryptocurrency wallet. With the BitPay Card, you can purchase silver bullion and coins from any dealer who accepts MasterCard.
Tungsten
If you are a meme fan, then you must have heard about Tungsten. The small novelty cubes weighing several pounds made headlines as meme material by Reddit and Twitter users. Tungsten cubes are currently one of the most popular memes in the world of cryptocurrency, a realm where value is defined as much by attention as it is by anything tangible. A tweet joking about crypto enthusiasts causing a tungsten shortage prompted a 300% increase in retail cube sales at Midwest Tungsten in October 2021.
But as it started gaining hype, the crypto world welcomed the trade of Tungsten with open arms. Midwest Tungsten Service, a supplier of Tungsten, announced a partnership with OpenNode to accept Bitcoin in buying Tungsten. Notably, OpenNode is a cryptocurrency payment processor.
Getting Rich With Crypto: Easy Strategies
Well, now you know how crypto billionaires are choosing to spend their money. But- you may be asking- how to get to that stage in the first place? Well, there are three very easy ways of becoming rich with crypto. Let’s see what they are:
Trading
Trading is one of the most common strategies to gain from crypto. The strategy is straightforward, like investing in any other asset. You essentially purchase and hold crypto assets for an extended period of time. In general, crypto assets are well suited to a buy-and-hold strategy. Most investors buy popular coins like Bitcoin, Litecoin, Ethereum, Ripple, and others and then wait for their value to rise. And when market prices rise, they sell their crypto holdings at a profit.
Lend Your Crypto
Start crypto lending to earn extra money from your crypto investments. Borrowers and lenders are involved in cryptocurrency lending through legally binding contracts. Interest on a crypto lending platform can be paid in cash or in the native platform token.
Mining
Become a miner if you want to ‘earn’ your way into being a crypto billionaire and spend your digital wealth. Mining is a proven way to find yourself among the riches of the crypto space rather than speculating directly in the market. Mining is inevitable for cryptocurrencies like Bitcoin that use the Proof of Work mechanism. It requires technical expertise as well as an initial investment in specialized hardware. Miners are rewarded with crypto for completing ‘blocks’ of verified transactions that are added to the blockchain.
Conclusion
Now that you know how crypto billionaires are spending their digital wealth, your first task is assigned. Be a crypto billionaire first by following our guide above on how to earn some handsome money in the crypto space.
And if you already are a crypto billionaire, then what are you waiting for? Go ahead to buy a luxurious penthouse in the heart of New York City. Weekends ahead? Grab your Lambo, which you can buy with crypto, and take bae to see the sunset on your mega yacht, which, again, you can buy with crypto. Just keep our guide on how crypto billionaires are spending their digital wealth handy!