Luxury Car Purchases by Crypto Doubled to $12m in 2021, Says AutoCoinCars Executive

AutoCoinCars, an online platform that lets buyers purchase luxury cars with digital money, has seen sales on its platform double to $12 million in the past year.

AutoCoinCars is a UK-based firm that allows customers to buy and sell cars online with Bitcoin. Launched in 2018, AutoCoinCars has created a platform that enables customers to buy and sell vehicles using cryptocurrency without having to exchange them for fiat, thus solving the user’s problems.

With AutoCoinCars, users don’t have to go through a long process of exchanging crypto for fiat. Users, therefore, don’t have to wait longer and watch their assets slowly decrease through exchange and bank fees.

In an interview on Friday 5th August, Willmott disclosed that the firm frequently sees more luxury vehicle sales during market downturns. However, he said the trend is still holding steady despite the recent market crash.

The COO said that part of the reason for that trend is, as he believes, because Lamborghinis tend to be less volatile than cryptocurrencies. “People are spending because they want to exit out of their crypto and get into physical assets. That will allow them to have this asset that doesn’t depreciate like how their crypto asset will depreciate,” the executive elaborated.

This means more filthy wealthy crypto holders are selling their digital assets to buy luxurious vehicles like Lamborghinis.

According to the report, despite the plunge in the global capital markets, Lamborghinis have held their value more steady than other assets, including cryptocurrencies.

Since April this year, the values of Bitcoin and Ether have dropped more than 50%, and crypto lending platforms like Celsius Networks and Voyager Digital have recently gone bankrupt. On the other hand, according to, the price of a used Lambo has held its value steady over the last year.

While Lamborghini sales last year were higher than ever, but this year has set a pace to exceed that record, according to last week’s financial disclosures from the parent company Volkswagen AG. Part of the reason for such a significant surge in vehicle supplies are low, and customer waitlists are long.

Selling Crypto to Diversify Portfolio

People with significant Bitcoin holdings have been looking at buying high-worth products like real estate and luxurious vehicles, among others, with their Bitcoin to diversify their portfolio and limit risks.

Cryptocurrency is expected to impact the capital markets by providing new platforms for sales. Bypassing the bank intermediaries, buyers and sellers can potentially connect in real-time, speeding up the transaction process significantly across the globe.

Since cryptocurrencies are entering the mainstream in financial portfolios and financial planning, the ability to purchase major products with Bitcoin has become a possibility.

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Ukraine’s Largest Bank Privatbank Suspends Money Transfers to Crypto Exchanges amid Martial Law

Privatbank, the largest commercial bank in Ukraine regarding assets, has suspended money transfers to crypto exchanges. - 2022-03-21T103423.672.jpg

Privatbank announced last Friday that it has temporarily restricted its customers from purchasing Bitcoin using the national fiat currency, the Ukrainian hryvnia (UAH). The temporary ban was extended since March 15.

PrivatBank restrictions come as it complies with an order from the National Bank of Ukraine. On February 24, the Central Bank of Ukraine published measures and restrictions under martial law. Typically, martial law refers to temporary military control over normal civil functions and civil law.

On February 24, Ukrainian President Volodymyr Zelensky addressed the country of Ukraine and announced martial law for 30 days in response to the Russian invasion. On March 15, President Zelensky extended martial law in Ukraine from March 26 for 30 days.

Under the order by the Central Bank, Ukrainian banks are expected to limit cash withdrawals from customers’ accounts to UAH 100,000 per day (approximately $3,400 daily). The hryvnia’s exchange rate is also fixed. Furthermore, banks are prohibited from carrying out cross-border transfers of currency from Ukraine, and this is on behalf of customers. Transferring money for use on crypto exchanges is no exception. The banks have restricted their customers from transferring funds in the national fiat currency to cryptocurrency exchanges.

As a result, PrivatBank has taken several steps to keep financial stability under martial law, increasing withdrawal limits and providing credit holidays.

Some of the largest local banks have reportedly banned their customers from buying Bitcoin using the national currency. While major banks have restricted clients from buying cryptocurrency, some major Ukrainian crypto exchanges still support Bitcoin purchases with UAH.

Crypto plays a vital role

Cryptocurrencies have become legal in Ukraine after President Volodymyr Zelenskyy signed a new bill into law on Thursday. The move lets national and foreign crypto exchanges operate legally and also gives local banks the authority to open cryptocurrency accounts.

The law’s passage comes as Ukraine has obtained hundreds of millions in crypto donations since Russia’s war with the country started.

After the president signed the law, Mykhailo Fedorov, Ukraine’s minister of digital transformation, stated, “the signing of this law by the President is another important step towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine.”

Crypto users who would like to donate digital assets to the nation can now do so through an official donation program run by the Ukrainian government. The government’s goal is to raise $200 million in crypto donations. The government has obtained just over $55 million worth, as of the time of this writing.

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The Russia-Ukraine War Might Accelerate CBDC Issuance, Former BOJ Official Says

The sanctions slapped on Russia based on its invasion of Ukraine might prompt more nations to adopt central bank digital currencies (CBDCs) as a shield against the U.S. dollar’s supremacy in the global financial system, according to the former Bank of Japan (BOJ) executive Hiromi Yamaoka.

China has already set the ball rolling with its digital yuan. Yamaoka noted: 

“While sanctions using financial infrastructure are necessary in extreme cases like the Ukraine crisis, they are ‘emergency means’ that should not be overused.”

With U.S. allies like Japan joining the sanctions, Yamaoka believes a situation that pushed Russia into default was intentionally developed. 

He pointed out:

“The most effective, powerful weapon was the freezing of Russia’s foreign reserves.”

Following concerns from the Group of Seven (G7) nations, Japan recently requested crypto exchanges to cancel transactions of crypto assets that were subject to asset-freeze sanctions against Russia and Belarus.

Yamaoka stated that national security and defence would become key issues when discussing CBDCs. He added:

“There’s a chance a country like China could promote usage of digital yuan for cross-border transactions and create a currency bloc to counter the dollar’s dominance.”

During his BOJ tenure, Yamaoka was the head of the payment and settlement systems department. Therefore, he is well versed in CBDC and global settlement affairs.

Likewise, speaking on CNBC’s Squawk Box Asia Monday, financial technology consultant and author Richard Turrin shared similar sentiments that China’s digital yuan could counter the dollar’s dominance in international trade settlements this decade. 

He stated:

“Remember, China is the largest trading country, and you’re going to see digital yuan slowly supplant the dollar when buying things from China.”

Turrin added that there was a high likelihood nations would seek other payment channels to stop the current dollar dependence as part of the “risk management exercise.”

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A Rising Rate Environment will Tilt from Bonds to Crypto, Says Fundstrat Founder

Speaking on CNBC’s Crypto World Monday, Thomas (Tom) Lee, the founder of equity research firm Fundstrat Global Advisors, opined that with interest rates being on a reversal after experiencing a 30-year decline. 

This is a game-changer for crypto because other investments like bonds will become less attractive. Lee noted:

“That means for the next 10 years, you’re guaranteed to lose money owning bonds… that’s almost $60 trillion of the $142 trillion [of U.S. household net worth].”

He suggested that the $60 trillion would find its way into the crypto sector to earn yield. 

“The obvious thing is it rotates into stocks like FAANG, but I think what is more likely is a lot of speculative capital from equities… it’s really going to be tracing its roots to a rotation out of bonds and it’s going to eventually flow into crypto.”

The market expects the United States for the upcoming rising interest rate hike, with the latest Consumer Price Index (CPI) standing at 7.5% year-over-year. 

Lee, however, acknowledged that an open mind is of the essence in the crypto market based on the volatility experienced. He stated:

“Unless someone really has a crystal ball, it’s very difficult to be precise in crypto. Drawdowns of 40% are really common and bitcoin makes most of its gains in 10 days in any single year. It’s tough to be too precise with crypto. It’s wide lanes.”

Crypto has emerged as an alternative asset class, having experienced significant diversification beyond trademark cryptocurrencies, like Bitcoin (BTC) and Ethereum (ETH), in the last two years.

Some of the new members become active in the cryptocurrency family, such as block decentralized finance (DeFi), stablecoins, and non-fungible tokens (NFTs). Nevertheless, these new assets have to stand the test of time so that investors can gain confidence in them as they have in Ethereum and Bitcoin.

A recent study by blockchain firm Paxos noted that consumers were changing their minds because they were treating crypto as ideal investment vehicles. 

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Bitcoin Entities in Profit Skyrocket to 94.3% as Open Interest Soars

As Bitcoin (BTC) briefly touched the $55K level, a fate is last seen in May, profitability in this market scaled to new heights.

On-chain insight provider Glassnode said:

“Bitcoin entities in profit have risen to 94.3%. Over 16.2% of all on-chain entities have returned to profit since the Sept lows. The last time this many network entities were in profit was before the sell-off in May.”


After setting an all-time high (ATH) price of $64.8K in mid-April, Bitcoin suffered from a sharp correction on May 19 as the price fell to around $30,000, resulting in the biggest single-day drop of the price up to 30%. Furthermore, this price drop indicated the first time that BTC had dropped below the 200-day moving average (MA). 

The 200-day MA is a key technical indicator used to determine the general market trend. It is a line that shows the average closing price for the last 200 days or roughly 40 weeks of trading. 

Nevertheless, Bitcoin has regained momentum because it was able to breach the psychological price of $50,000 recently. The top cryptocurrency was up by 21.79% in the last seven days to hit $54,479 during intraday trading, according to CoinMarketCap.

Bitcoin open interest surges

According to data analytic firm IntoTheBlock:

“Futures markets are heating up once again. Positive funding rates in Bitcoin perpetual swaps across several exchanges, and going as high as 0.11% in FTX. As well, the open interest is above $14 billion.”


Glassnode also noted that Bitcoin open interest in perpetual futures contracts had reached a monthly high on crypto exchange Okex. 


Open interest usually increases with a price surge, thus showing the two are strongly correlated. 

Meanwhile, more participants continue joining the BTC bandwagon because the number of new addresses in this network recently reached a 4-month high of 17,818.619. 

On the other hand, Bitcoin’s dominance in the crypto space has been on an upward trajectory, which enabled the market capitalization to top the $1 trillion mark, a milestone first seen in February. 

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New Zealand Eyeing the Possibility of Rolling Out a CBDC

New Zealand is the latest entrant in the race of setting up a central bank digital currency (CBDC). The nation’s central bank, the Reserve Bank of New Zealand (RBNZ),  sees this as a stepping stone towards attaining an efficient monetary policy tool.

CBDC presents an innovative form of money

Per the announcement:

“Trends in cash use and innovation in money present an opportunity for the Reserve Bank to consider broadening central bank money to include a widely available digital form.”

The RBNZ added that the declining use of cash and the acceptance of emerging innovations in private money like stablecoins provided a ripe opportunity to issue a CBDC.

CBDCs represent the digital form of a nation’s fiat money. They are controlled directly by the country’s central bank and are backed by national credit and government power. 

To stabilise the liquidity of currency for the seemingly inevitable cashless society in the future, countries are now launching experiments to test the workings of CBDC.

Earlier this month, the Bank for International Settlements (BIS) teamed up with the central banks of South Africa, Malaysia, Singapore, and Australia to kick start a project dubbed Dunbar to test the use of central bank digital currencies (CBDCs) in cross border payments.

New Zealand intends to boost its currency value with a CBDC

The RBNZ acknowledged that developing a CBDC was time-consuming based on the multi-stages and complexities involved. Nevertheless, it supported the CBDC idea because it could boost the value of the local currency, the New Zealand dollar. 

Once rolled out, the CBDC is expected to offer individuals and businesses the option of changing privately issued money into a digital form of central bank money. Furthermore, it is anticipated to provide monetary stimulus or interest as a monetary policy tool.

CBDCs are expected to drive the financial inclusion of nearly 1.7 billion people left out of the banking system once launched. This is because CBDCs are digital assets pegged to a real-world asset and backed by the central banks meaning that they represent a claim against the bank exactly the way banknotes work. Central banks will be in full control of their supply. 

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El Salvador Seeks To Be The First Country To Legalize Bitcoin as Legal Tender

El Salvador President Nayib Bukele intends to introduce a bill to legalise Bitcoin (BTC) as flat money. If the national Congress pass the bill, the Central American nation will become the first country to accept Bitcoin as legal money, alongside the U.S. dollar.

Bitcoin expected to prompt financial inclusion

The 39-year old leader noted that BTC would boost the nation’s economy while addressing the Bitcoin 2021 conference in Miami, Florida State in a video broadcast. President Bukele stated:

“Next week I will send to congress a bill that will make bitcoin a legal tender.”

The bill intends to generate jobs in a nation where 70% of the population works in the informal economy and does not hold a bank account. President Bukele explained:

“In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy.”

He pointed out that financial inclusion should be considered a moral imperative and a way to boost the economy. Furthermore, it is a way that offers access to investment, savings, credit, and secure transactions.

Transforming the future of finance

The El Salvador president also disclosed the nation’s partnership with digital wallet firm Strike to transform the country’s financial structure using Bitcoin technology.

Bukele noted:

“We hope that this decision will be just the beginning in providing a space where some of the leading innovators can reimagine the future of finance.”

On the other hand, Jack Mallers, Strike founder, acknowledged:

“What’s transformative here is that bitcoin is both the greatest reserve asset ever created and a superior monetary network. Holding bitcoin provides a way to protect developing economies from potential shocks of fiat currency inflation.”

Meanwhile, a leading British multinational bank Standard Chartered, recently announced setting up a joint venture to buy and sell cryptocurrencies like Bitcoin. The Bank stated that it was actively seeking to establish partnerships with Hong Kong digital asset experts in launching a cryptocurrency exchange committed to developing digital assets.

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One in Four South Korean College Students Has Invested in Cryptocurrencies

According to a study by Alba Heaven, a part-time job information provider, 23.6% of South Korean college students, out of 1,750 people are investing in cryptocurrencies. The survey noted that these students were inclined to invest in this territory based on the global crypto craze experience.

Low subscription fees for crypto-investment

According to the Alba Heaven report:

“Asked why they started investing in crypto, 25.2% said because they can start investment with a relatively small sum.”

The respondents also cited high investment returns, low barriers to entry, and an opportunity to overcome class hierarchy as other reasons they step into crypto investment. The study was conducted between May 17 and 19.

The study indicated that male students dominated digital asset investments at 34.4%, whereas their female counterparts stood at 14.4%.

On average, the students had invested 1.41 million won, approximately $1,255, and two out of three gained the seed money from their part-time jobs. Their parents funded the rest.

According to the survey, only 40.5% of the respondents gained from their investments, making 1.67 million won, i.e. around $1487 on average. However, one third among them lost their investments, with an average of 740,000 won gone from their accounts. Subject to the recent volatility in the crypto market, the survey estimates most of the respondents left the crypto scene when the market was nearing its peak. Meanwhile, they have invested in cryptocurrency for 3.7 months on average.

Experiencing psychological issues

Nevertheless, these South Korean college students in the crypto market disclosed that it was not a walk in the park because some experienced different psychological issues. 

The study noted that 68.3% acknowledged suffering from psychological problems, such as insomnia, stress, and addiction, which affected their daily lives and studies. 

It also noted that their mood swings triggered by cryptocurrencies’ prices. Almost 60% of these students in crypto investment had lost money. Some of the factors contributing to this loss included buying the top.

The crypto market recently experienced a market crash, which made top cryptocurrencies like Bitcoin (BTC) lose nearly half of their value. 

For instance, on May 19, BTC fell to around $30K, resulting in the biggest single-day drop of price, up to 30%. As a result, Bitcoin’s average 30-day trader returns have dipped to lows, last seen in March 2020. 

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6 Corporate Giants Hold Bitcoin Worth More Than $11.4 Billion

Ever since Bitcoin (BTC) breached the previous record of $20,000 in December 2020, more institutional investors have given the top cryptocurrency a keen eye as it continues to scale new heights.

BTC recently set a new all-time high (ATH) above $64,500, given that it has been on a record-breaking trend throughout this year.

BlockData has acknowledged that six corporate giants have taken the Bitcoin holding culture a notch higher as they have BTC worth more than $11.4 billion in their custody. The blockchain insights provider explained:

“These 6 companies alone hold over $11.4 billion in Bitcoin. The Digital Asset Custody space is booming.”


The six firms are MicroStrategy, Tesla, Ruffer, Galaxy Digital, StoneRidge, and Square holding 91,579 BTC, 43,200 BTC, 27,000 BTC, 16,402BTC, 10,889 BTC, and 8,027 BTC, respectively.

Microstrategy sets the ball rolling

Leading American business intelligence firm MicroStrategy has been setting a precedent in Bitcoin institutional investment as it recently scooped up an additional 205 BTC for $10 million.

The company’s CEO Michael Saylor stated that they were more inclined towards Bitcoin because it was a more compelling store of wealth than gold. He asserted:

“The returns on gold didn’t look nearly as compelling as Bitcoin. So we eventually found crypto because, in essence, in the crypto world you can create a digital world and Bitcoin is that digital gold.”

Bitcoin is ready for another leg up

According to CryptoQuant CEO Ki-Young Ju:

“BTC is ready to get another leg up. A significant amount of Bitcoins has flowed out across all exchanges, weakening selling pressure.”


Whenever Bitcoin leaves crypto exchanges, a holding culture is signified.

Market analyst Michael van de Poppe believes that Bitcoin will have to flip the $56.5k resistance level to support if it has to retest the $60,000 area as this will guarantee an upward momentum. 

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Most People Will Hold Bitcoin Instead of Investing in Stocks, Bonds or Real Estate, says Market Analyst

After surging to highs of $61,781 over the weekend, Bitcoin (BTC) is experiencing a price correction as the top cryptocurrency is trading at $55,900 at the time of writing, according to CoinMarketCap.

Despite the current pullback, Pierre Rochard, a market analyst and Bitcoin advocate, believes that most people will be inclined towards holding BTC compared to investing in assets like stocks. He explained:

“In the future, most people will just hold Bitcoin instead of investing in stocks, bonds, or real estate. Normal people don’t want to spend time investing; they just want to hold money. Only those actually interested in investing will engage in it.”

His sentiments come at a time when Bitcoin has gained more than 1,200% since it plummeted to lows of $3,800 in March 2020 as the grappling effects of the coronavirus (COVID-19) continued to wreak havoc. 

At the time, the leading cryptocurrency shed more than 50% of its value in 24 hours as the pandemic triggered shock waves globally. As a result, a flight to cash was witnessed, pushing risk assets like Bitcoin on the receiving end. 

Nevertheless, the narrative is different one year down the line because the top cryptocurrency has gone through the roof, making it the best-performing asset of the decade.

Long-term hodlers are accumulating more Bitcoin

According to crypto writer William Clemente III, long-term Bitcoin hodlers or holders are seeing the present pullback as the perfect opportunity to accumulate more BTC as new ones continue selling. He explained that people who have held Bitcoin for three years and more have continued to accumulate Bitcoin, while newer investors, who have only hodl-ed the digital asset for 6-12 months, “have sold into the recent rally.”


Jan &Yann, the co-founders of leading on-chain data provider Glassnode, have stipulated that they are still optimistic of at least one more leg up in the current bull run as strong BTC support has been formed around the $55k area, and this is confirmed by both on-chain and trading volume.Image

Time will tell how Bitcoin shapes up going forward as institutional interest continues rising. 

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Bitcoin (BTC) $ 26,474.09 0.54%
Ethereum (ETH) $ 1,586.58 0.50%
Litecoin (LTC) $ 64.35 1.26%
Bitcoin Cash (BCH) $ 206.76 1.20%