Silicon Valley may be flush with cash, but its monarchs often don’t like to flaunt their wealth. The culture encourages tech’s casual billionaires (or mere millionaires) to stay humble, spend on sneakers and hoodies instead of parties, and focus on the work more than the spoils.
So far, cryptocurrency millionaires have been the exception. People who made their riches in bitcoin and ether, the second largest cryptocurrency by market value, are buying Lamborghinis as the ultimate status symbol in their community.
Peter Saddington, a 35-year-old coder living in Atlanta, paid 45 bitcoins to ride off in a 2015 Lamborghini Huracan (price tag: $200,000) last fall, at the height of the crypto craze. Those coins cost less than $3 a piece when Saddington bought the digital currency back in 2011.
“Buying the Lambo with bitcoin is proof it can be used for real transactions, buying really cool stuff,” Saddington told Yahoo Finance in 2017. “It’s not only used by criminals.”
The car was used, and Saddington paid the seller directly in bitcoin. He paid the dealership a transaction fee of $7.95 and the sales tax in cash, according to Yahoo Finance and CNBC. Read more from businessinsider.com…
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