Lamborghini says car sales are through the roof

Italian supercar manufacturer Lamborghini has reported record sales thanks to Bitcoin and other cryptocurrency millionaires.

Crypto investors are buying Lamborghinis as they see them as the ultimate status symbol in their community.

Some have even bought the Italian supercar for as little as $135 due to investing in crypto before values soared.

The idea of buying a Lamborghini with crypto riches has now become deeply ingrained in cryptocurrency culture.

The term “When Lambo?” has become one of the most popular crypto phrases on social media.

The expression refers to holding on to crypto until it’s worth enough to pay for a Lambo, which starts at $200,000.

crypto millionaire lamborghini

Last fall, 35-year old Peter Saddington paid 45 Bitcoins for a $200k Lamborghini Huracan.

Saddington says he bought those when they were less than $3 each, back in 2011.

Speaking to Yahoo Finance in 2017, Saddington said:

“Buying the Lambo with bitcoin is proof it can be used for real transactions, buying really cool stuff.

“It’s not only used by criminals.”

Saddington paid the seller directly in Bitcoin.

Saddington paid the seller directly in Bitcoin.

The dealership charged a transaction fee of $7.95 and requested the sales tax in cash, according to Yahoo Finance and CNBC.

Lamborghini sales are on fire

According to a recent article in the New York Times,  buying a Lamborghini is “the single acceptable way to spend money” in the cryptocurrency community.

Ethereum founder Vitalik Buterin disagrees with flaunting of new wealth in such a way, however.

In a December Twitter rant, Buterin said:

“If all that we accomplish is Lambo memes and immature puns about ‘sharting,’ then I WILL leave.”

An illustration of Buterin, depicted as Jesus holding a red Lamborghini Aventador, went viral on Reddit in 2017 and had been widely shared since.

lamborghini car sales bitcoin

It’s not known how many crypto millionaires there actually are, or how many have bought a Lambo.

A recent article in Quartz highlights that as the price of ether rises, so do Lamborghini sales.

In 2017, the luxury car brand delivered a record 3,815 vehicles to customers.

According to Lamborghini, it was the biggest year of sales to date.

Speaking to CNBC, the head of Lamborghini Newport Beach in Costa Mesa, California, said the dealership had experienced a vast influx of cryptocurrency transactions.

The car dealer had “over ten transactions” involving cryptocurrency in December.

The manager stated that between 2013 and 2016, the branch usually has about two transactions a month.

When Lambo

Crypto investors can calculate when their investment will be worth enough to buy their dream car using a website called When-Lambo.com.

Leading cryptocurrency price chart, Coinmarketcap, also introduced a Lamborghini-related feature over the Easter weekend.

The site allowed users to calculate the value of crypto in “Lambos” alongside fiat currencies.

The option is no longer available, however.