How Are New Millionaires Spending Their Cryptocurrencies In China?
Though China has banned the trading of cryptocurrencies in the country, it could not prevent new millionaires from spending their digital coins. That is primarily due to the advantages attached to the virtual assets in using them as an alternative payment mode in some of the international platforms. In fact, after gold and silver, the cryptocurrency has attained that position. There is no secret as to how new millionaires have emerged after digital coins surged last year despite losing a significant part of the gains in the current year.
In the absence of trading in cryptocurrencies in China, the ultimate choice is luxury platforms such as the White Company and Dadiani Fine Arts to use the available digital coins. The London-based Dadiani Fine Arts is founded by Eleesa Dadiani and started accepting the digital coins such as Ripple or Ethereum or Bitcoin as means of payment for purchasing items from its store. The company is part of a Dadiani Syndicate. This platform provides an opportunity to change virtual assets for yachts, gems, and even private jets.
According to bitcoinist.com report, the founder of art gallery firm thinks that the crypto payment should finally be used everyone though there are only a few now. She pointed out that there has not been any universal currency after gold and silver. Therefore, Dadiani thinks that a decentralized economy enables cross-border trader without any hassles. Before the wider adoption of the digital coins, it was not possible with such ease. That is an indication that both the domestic and the most favored foreign currency could lose its shine if virtual currencies continued to be accepted widely.
Dadiani commented, “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.”
Similarly, there is one more luxury firm, The White Company, which is termed as the supplier of luxury items to the crypto community. The platform sells high-end products like Lamborghinis, diamonds and valuable arts. Currently, there is a Salvador Dali artwork for bitcoins of 79.70. The founder and CEO of The White Company, Elizabeth White, expects customer base growth to come from cryptocurrency owner though China might have clamped down on the sector.
Though prices of different digital coins like Bitcoin have plunged sharply from the highs seen in December, there was year-over-year growth. The founder thinks that some of her Asian customers have started investing in bitcoin before the year 2017 boom and that they are now keen to spend the wealth created through different digital currencies.
The strong price increase in bitcoin last year has made millionaires expect expensive brands to start accepting different virtual currencies as means of payment. However, that does not mean that these brands will accept every digital coin since some of them are not ready to accept coins like Monero. Things could change for the better once the bad actors in the crypto space are eliminated through the regulatory moves.