With the crash of FTX and BlockFi, it looks like the industry's followers are trying to make some money by selling their expensive cars.
According to the New York Post, people in the exotic car resale industry are seeing correlations between the lowering of used luxury car prices and the greatcryptocurrencies crash.
The CarDealershipGuy, who works in the luxury car resale market, told the NY Post that he doesn't think those factors are related.
"It's clear that in the last couple of months the decline in prices for exotic vehicles has accelerated and that correlate very, very well with the meltdown in the currency markets," CarDealershipGuy told the NY Post.
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 that the crash of thecryptocurrencies is likely to be the reason for an increase in luxury cars hitting the market.
Ivan Drury, the director of insights for theEdmunds auto sales firm, said that the trend was interesting as their appraisals went up a few weeks before the major announcements of trouble. The data makes you wonder, but I wouldn't want to draw too many conclusions about why.
While he and his colleagues are not convinced that the decrease in used luxury car prices is related to one another, their proximity did raise some eyebrows.
All the same, CarDealershipGuy claimed in his messages with the NY Post that his followers have been full of people trying to sell their cars.
The user told the tabloid that everything is correlated when there is a large evisceration of wealth. It affects the whole economy.
Nightclubs in Miami are Horrified that the big spending of the cryptocurrencies is coming to a screeching halt.
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