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bitcoin dollars as currency

How Crypto Millionaires Spend Their Money

ยท 03 Jul 2019 in Analysis

When Bitcoin prices skyrocketed, it made millionaires out of a lot of investors — more than you might think.

It’s tough to imagine now, but the first pizza purchases that were made with Bitcoin, back in 2010, had a price tag of 10,000 Bitcoin. Today that would be the equivalent of $60 to $82 million. Those are super expensive pizzas, right? At the time, however, no one was sure that the price of Bitcoin would grow so large and so fast.

Considering the price of Bitcoin today, it’s clear that the millionaires out there are spending their money on more than just pizza. The question is what?

Well, that’s exactly what we’re going to explore. What are some of the most popular purchases or investments for crypto millionaires? What do they desire? What else are they doing with the money?

Higher Education

Believe it or not, some of the crypto-rich are using their digital funds to bankroll their higher-education careers. The price of university — and even community college — courses has skyrocketed over the past decade, and that’s before including the average cost of supplies, textbooks and more.

It makes a lot of sense to invest in education, especially since those doing so are really just investing in themselves and their future. There are risks involved, as with most things, but it’s important to know that the opportunity is available.

Who can blame anyone for doing this? Graduating with a degree or certification while remaining free from crippling debt is always a plus and gives you a leg up in the modern world. It’s definitely a good way to use digital funds.

Expensive Rides For Crypto Millionaires

A running gag in the crypto world is that everyone rich is looking to spend their digital fortunes on “lambos,” simply because they’re lavish and expensive cars — also they look fantastic. But joke or not, it’s also a reality as many have either paid or plan to pay off expensive vehicles.

35-year old Peter Saddington bought a 2015 Lamborghini Huracan with just 45 Bitcoins. And he’s not the only one, because Lambos have become a status symbol for the crypto-rich providing a way for them to show off their fortune in a more tangible form.

Eddy Zillan — hailed as the “Wolf of Crypto Wall Street” — has also purchased numerous expensive vehicles using his digital fortune. Many like him will continue to do so in the near future.

Homes and Properties

Naturally, one of the first things most people do when they come into money is to pay off their existing home or property or upgrade to a new one. It shouldn’t be a surprise then that a lot of crypto millionaires have decided to treat themselves to a wonderful home or piece of land.

In October 2017, for example, a mansion in Notting Hill was listed for £17 million in Bitcoin, which is about $22 million in USD. The owners said they would only accept the digital currency as payment.

While the currency is not as openly used in the real estate market, more and more opportunities are coming available. It’s entirely possible we’ll see a whole new market powered by digital currencies such as Bitcoin, Ether and more.

New Businesses

What better way to invest hard-earned money than into another business that will net you, well, more money? That’s exactly the idea behind a lot of investors plans, who aim to increase their fortunes simply by investing in other lucrative businesses and opportunities.

It makes sense, and nearly every other type of investing incorporates new businesses and startups as a proper revenue stream.

In Dubai, several apartment buildings have been listed for sale in Bitcoin serving as a lucrative investment. Interestingly, all of the apartment buildings have been sold, meaning an incredible number of Bitcoin holders have already invested in the project.

Money Is Money

It may be difficult to fathom, but cryptocurrency is, after all, just another form of money. While it may not be widely used like fiat currencies, there are still plenty of opportunities to spend and invest it.

From vehicles and homes, all the way to groceries and utility bills, there are plenty of ways for crypto-millionaires to spend their digital fortunes.

More importantly, the number of opportunities continue to grow as the technology and currency become more accepted.

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