Chinese Millionaires Are Spending Their Crypto On Luxury Platforms

BTC Wires: It is a well-known fact that cryptocurrencies have made some investors millionaires overnight. While some of the investors prefer to exchange their cryptocurrency for fiat currency, many others are preferring to spend it to buy luxury items through exclusive luxury platforms online.

Eleesa Dadiani is the founder of Dadiani Fine Arts, which is a London based fine art gallery and accepts a broad spectrum of cryptocurrencies including Bitcoin, Ethereum, Ripple, etc. Her gallery is a part of the Dadiani syndicate which is an online platform offering gems, yachts, and private jets in exchange for virtual currencies. She holds the belief that cryptocurrency payment system should eventually be accepted by everyone. In a post published in the South China Morning Post, she was quoted as saying that “We haven’t had a universal currency since gold and silver. A decentralized economy allows for borderless trade, which hasn’t been possible before with such ease; people are used to decision-making in trickles, with the group up top choosing what everyone can and cannot do … cryptocurrency requires a cognitive shift. People need to understand why cryptocurrency should be adopted wider, integrated into our existing way of life, for gradual change.”

Another luxury platform, the White Company, describes itself as “purveyors of luxury to the cryptocurrency world” and they do walk the talk as their platform offers high-end products such as diamonds, valuable arts, and even Lamborghinis.” Elizabeth White, Founder and CEO White Company, said that she views China as the biggest growth market despite the clampdown by the government on the cryptocurrency market. She said that quite a few of her clients in the country had “invested early in bitcoin ahead of the 2017 market boom and are looking for ways to spend their crypto wealth.”

Due to the astronomical rise in prices of Bitcoin last year, many new millionaires were made, and this is bound to lead to a potential increase in the number of platforms which will accept payment in cryptocurrency. She further added that “Our vision of the future is where anyone can walk into a Rolls-Royce showroom and pay directly or attend a Sotheby’s auction and bid from their phone with a few swipes of a finger.”

Dmitriy

Having majored in Social Psychology and Economics, I worked as a team lead of a tech and fundamental analysis lab in the Applied System Analysis Research Institute. I write financial articles for various international media. I also hold the position of a Chief Analyst at RoboForex.