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Supercar ownership in the United Kingdom (UK) has hit a record high, all thanks to profits made from cryptocurrencies, according to new research shared with local media publication City A.M.
Fulfilling the Lambo Dream via Crypto
Crypto profits have boosted supercar ownership, particularly Lamborghinis, a car popular among crypto bros to denote as a status symbol to prove their success in the crypto world. Research suggests that ownership of luxury cars in the United Kingdom has jumped up from 15,229 vehicles in 2020 to a record 18,186 in 2021, according to data shared with City A.M. In addition to crypto profits, the combination of a sharply recovering post-Pandemic economy and low-interest rates have also boosted ownership of these cars. Additionally, there are also reports of many fraudulently spending money from Government-backed CBILS and BBLS loans on supercars for themselves. Notably, some high-net-worth individuals were able to buy these supercars with the increased savings brought on by cost-cuttings from travel and leisure during the lockdown. Commenting on the development, David Kendrick, partner at UHY Hacker Young, the country’s top chartered accountant company, said:
“After a very difficult pandemic period, a lot of wealthy individuals treated themselves to a supercar last year. The wash of money from the government and central banks into the economy has inadvertently helped supercar sales in unexpected ways such as ‘overnight’ cryptocurrency millionaires and extremely low cost finance for supercars.” “Ferrari remains the biggest selling supercar, but Lamborghini is quickly becoming the supercar of choice among crypto investors,” he added.