Those Lambos parked at the bitcoin conference are just a promotion


“We do a lot of this for a lot of companies all the time,” Nouri said. “It’s an attention grabber. It’s for the people walking in. They all say once you make money in crypto, you buy a lambo.”

“I never made money with crypto but I have ten lambos,” Nouri said. His company rents Lamborghinis out for $1,000 a day.

Bitcoin multiplied 13 times in price last year, minting cryptocurrency millionaires. A Lamborghini can cost about $200,000 or more, and the luxury cars have become an internet symbol for volatile cryptocurrencies’ massive potential for wealth creation.

“I see a parallel between young people that are really willing to become very rich with the very high-risk investment, and … the fact that our customers are very young,” Lamborghini CEO Stefano Domenicali told CNBC in a recent interview.

Case in point, coder Peter Saddington, 35, bought a Lamborghini three years ago for $200,000 with 45 bitcoins. He’d spent less than $115 on the coins when cryptocurrencies were at the very fringes of mainstream interest.

Bitcoin traded near $8,700 early Monday afternoon, less than half their worth in mid-December.

— CNBC’s Robert Frank and Ali Montag contributed to this report.

Source : CNBC