Poor Crypto Bros Desperately Trying To Sell Luxury Cars

We won’t shed a tear for these old internet money millionaires.

crash and burn

As cryptocurrency values ​​continued to fall during the collapse of FTX and BlockFi, it seems like industry aides are trying to make some nominal money off the expensive cars they bought in the bull market.

aspect New York Post According to reports, people in the exotic car resale industry are seeing correlations between major crypto crashes in 2022 and falling used luxury car prices in recent months.

in the messages NYPosta Twitter user known only to him CarDealershipMan Handle, who works in the luxury car sales market, said he doesn’t think these factors are irrelevant.

“It is clear that the decline in the price of exotic vehicles has accelerated over the last few months and that is very, very well correlated with the meltdown in the crypto markets,” CarDealershipGuy said. NYPost“where we know some of the biggest customers of exotic vehicles are crypto millionaires.”

Trendy

This same obvious trend was also explored by Boundary Last week, and while he certainly took a more cautious look at the phenomenon, he found that the crypto crash was likely responsible for the surge in luxury cars currently on the market – though experts warn there may be other economic factors at the moment. Play.

“This trend is quite interesting as our assessments spiked a few weeks before the big issue announcements in the crypto market,” said Ivan Drury, director of insights at Edmunds auto sales firm. Boundary. “I hate to draw too many conclusions as to why (or speculate on possible conspiracy theories that ‘insiders’ know and want to dump assets before announcements), but I think the data makes you wonder.”

Correlation/Causation

While Drury said he and his colleagues were “not 100 percent convinced” that the used luxury car price drop and the crypto crash coincided, their affinity still “raised some eyebrows.”

Still, CarDealershipGuy claimed in their message: NYPost He said their DMs were full of crypto brothers trying to unload their expensive cars, and the messages were Boundary confirmed the observation.

“If we’ve learned anything, it’s all connected when you’ve greatly drained your wealth,” the Twitter user told the tabloid. “It affects the whole economy”

More on the crypto crash fallout: Miami Nightclubs Horrified That Big Spenders Crypto Bros Are Now Mete

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