--- title: "Impoverished Crypto Bros Desperately Trying to Sell Luxury Cars" description: "Used luxury cars are selling for way cheaper than ever as crypto continues to crashes, and some thing those two things are closely related." date: "2022-11-30" modified: "2022-11-30" authors: - name: "Noor Al-Sibai" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/nooralsibai" url: "https://futurism.com/the-byte/crypto-bros-luxury-cars-crash" categories: - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "crypto" - "ftx" - "luxury cars" - "the digest" --- # Impoverished Crypto Bros Desperately Trying to Sell Luxury Cars ![Used luxury cars are selling for way cheaper than ever as crypto continues to crashes, and some thing those two things are closely related.]() *\Image: Getty / Futurism\* ## Crash and Burn With cryptocurrency values continuing to plummet amid the crash [of FTX]() and [BlockFi](), it looks like the industry's acolytes are trying to make some fiat cash on the expensive cars they bought in the bull market. As [the *New York Post* reports](), folks in the exotic car resale industry are seeing correlations between the great crypto crash(es) of 2022 and the lowering of used luxury car prices, which have plummeted in recent months. In messages with the *NYPost*, a Twitter user known only by his [CarDealershipGuy]() handle who works in the luxury car resale market said he doesn't think those factors are unrelated. "It’s clear that in the last couple of months the decline in prices for exotic vehicles has accelerated and that correlates very, very well with the meltdown in the crypto markets," CarDealershipGuy told the *NYPost*, "where we know that some of the biggest customers of exotic vehicles were crypto millionaires." ## Trendy This same apparent trend was also [explored by *The Verge*]() last week, and although it took a decidedly more cautious look at the phenomenon, it also found it likely that the crypto crash is responsible for an uptick in luxury cars hitting the market right now — though experts warned that there could be other economic factors at play. "The trend is rather interesting as our appraisals went up a few weeks before the major announcements of trouble within the crypto market," Ivan Drury, the director of insights for the Edmunds auto sales firm, told *The Verge*. “I’d hate to draw too many conclusions (or postulate on possible conspiracy theories that ‘insiders’ knew and wanted to unload assets before the announcements) about why, but I think the data does make you wonder.” ## Correlation/Causation While Drury said he and his colleagues are "not 100 percent convinced" that the decrease in used luxury car prices and the crypto crash correspond with one another, their proximity nevertheless "did raise some eyebrows." All the same, CarDealershipGuy claimed in his messages with the *NYPost* that his DMs have been chock full of crypto bros trying to offload their expensive cars, and in messages with *The Verge* corroborated the observation. "If we learned one thing, everything is correlated when you have a large evisceration of wealth," the Twitter user told the tabloid. "It impacts the entire economy." **More on the crypto crash fallout:** [*Miami Nightclubs Horrified That Big-Spending Crypto Bros Are Broke Now*]() ## Author At Futurism, I've often been drawn to unpacking the narratives that underlie technological, scientific and medical progress, with a special interest in areas of conflict and ambiguity that end up setting agendas and steering the fates of both elites and the hoi polloi. I'm a committed generalist, but I often find myself returning to work involving NASA and the private space sector, the effects of AI on media and society, and the mechanics of the pharmaceutical industry, with a specific focus on the spread of GLP-1 drugs like Ozempic and Wegovy. Prior to Futurism, I worked for publications ranging from Media Matters and Truthdig to Raw Story and Bustle. I'm also the author of "Myspace Scene Queens," a 2024 title in Instar Books' acclaimed "Remember the Internet" series. My work at Futurism has been cited by outlets including the New Yorker, Slate, Nieman Lab, the Verge, the MIT Technology Review, the Sunday Times, and the Daily Beast. I grew up in North Carolina, attended the University of North Carolina at Asheville, and now live in Brooklyn, New York. In my free time, I'm an avid reader and music fan; you can probably find me at a local poetry reading, concert, underground rave, or DJ set. I'm the proud parent of an ineffable orange cat named Mee-Mow. ### Author social links [Bluesky]()