Impoverished Crypto Bros is desperately trying to sell luxury cars

We’re not going to cry for these former internet money millionaires.

Crash and burn

With cryptocurrency values ​​continuing to fall amid the crash of FTX and BlockFi, it appears that the industry’s acolytes are trying to make some fiat money from the expensive cars they bought in the bull market.

As the New York Post According to reports, people in the exotic car resale are seeing correlations between the major crypto crash(es) of 2022 and the drop in used luxury car prices, which have plummeted in recent months.

In messages with the NY Posta Twitter user known only to his Car DealerGuy deal who works in the luxury car resale market said he doesn’t think these factors are unrelated.

“It is clear that the price decline for exotic vehicles has accelerated in recent months and that correlates very, very well with the collapse of the crypto markets,” CarDealershipGuy told the NY Post“which we know some of the biggest customers of exotic vehicles have been crypto millionaires.”

trendy

This same apparent trend was also examined by The edge last week, and while it took a decidedly more cautious look at the phenomenon, it also found it likely that the crypto crash is responsible for an increase in luxury cars currently hitting the market — though experts warned there could be other economic factors at play .

“The trend is rather interesting as our valuations went up a few weeks before the major announcements of crypto market trouble,” Ivan Drury, the director of insights for the car sales firm Edmunds, told me. The edge. “I’d hate to jump to conclusions (or postulate on possible conspiracy theories ‘insiders’ knew about and wanted to offload assets before the announcements) about why, but I think the data makes you wonder.”

Correlation/Causation

While Drury said he and his colleagues are “not 100 percent convinced” that the drop in used luxury car prices and the crypto crash are consistent, their closeness “raised some eyebrows.”

Still, CarDealershipGuy claimed in its posts with the NY Post that are DMs chock full of crypto bros trying to unload their expensive cars, and in messages with The edge confirmed the sighting.

“If there’s one thing we’ve learned, everything is correlated when you have a large erosion of wealth,” the Twitter user told the tabloid. “It affects the entire economy.”

More about the consequences of the crypto crash: Miami nightclubs were shocked that big-spending Crypto Bros is now broke

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