How Bitcoin And Classic Cars Make Investors Multi-millionaires
From Forbes
Classic cars and Bitcoins are hard to compare. But they have a couple of things in common: They are both scarce, and very much sought by a crowd of enthusiasts and adventurous investors.Read more here: https://www.forbes.com/sites/panosmourdoukoutas/2017/07/22/how-bitcoin-and-classic-cars-make-investors-multi-millionaires/#36adaa516684When taken together, scarcity and enthusiasm can deliver astronomical returns over time.
Here are a few statistics compiled by MoneySuperMarket that confirm the relationship between scarcity and investor returns on classic cars:
Ferrari 250 GTO – Built in 1962, only 36 were made. This one, made specifically for Formula One racer Sir Stirling Moss, sold for a stunning $38,115,000 in 2012.Mercedes Benz W196 – A former Formula One frequenter, the 1954 W196 won 9 of the 12 races it entered, and justly earned its seller $29,600,000 in 2013.Jaguar D-Type – A conqueror of Le Mans in 1955, 56, and 57, the Jaguar D-Type would be hard to miss even without the eye-watering price tag of $21,780,000, recorded at auction in August 2016.Apparently, all three classic cars made their early owners multi-millionaires.
“Car collecting is a strong industry - both for enthusiasts and for those looking to make a smart investment,” said a MoneySupermarket.com spokesperson. “Keeping track of which cars sell for the most year-by-year is a great way for both sides to make sure they come away from auctions satisfied - and for car lovers to keep an eye on their dream cars!”
Bitcoin “collecting” is a strong industry, too, making some investors multi-millionaires quickly, very quickly. At least investors who poured money into the digital currency when it was trading at a tiny fraction of its current price.
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Id love to own a classic car and they are undoubtedly a good investment but they are a little illiquid and even more difficult to spend than Doge Coins!
I think the main difference is those were limited edition runs and they make a new bitcoins every millisecond. My takeaway here is hodling for a long period is how wealth is made.
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