Even at the height of bear market, a crypto concierge service providing company managed to make transactions worth $250 million, an interview of the White Company’s founder and CEO Elizabeth White reveals.
White was interviewed by Forbes and in her answers, she explained how the fear of a crypto doom led the crypto millionaires and billionaires to turn to the White Company to discreetly convert crypto into fiat for buying luxury goods.
White, revealed that she been interested in Bitcoin from the crypto coin’s early days as the idea of a “counterculture investment” rather than mainstream avenues of investments struck her as appealing.
Having worked with the people rich in crypto to help them purchase luxuries, she explained her views about the popularity of luxury, she said:
“Luxury, in general, is in high demand as an aspirational achievement purchase. People buy luxury items because they want the “best” of something, or as a status symbol. In cars, which is a large part of our business, certain brands like Lamborghini have appeal as both being some of the best and fastest automobiles but also as a recognizable brand that is associated with success. Art is another luxury that gives buyers a sense of status but can also be an attractive investment. We also see luxury experienced like VIP tickets or travel packages in high demand, because even if they can’t afford them on a regular basis, it provides a “taste” of the luxury life. Luxury is not just for the wealthy, and our customers from a variety of ages, incomes, occupations.”
Clearly, given the fact that White’s company managed to handle transactions worth such a high amount, the crypto wealthy are still very much around, even though the bear market has prompted them to liquidate their crypto holdings and use them to buy luxury.
About the future of the crypto market, she said:
“The speculative bubble in cryptocurrency is over, which is a good thing, as it allows the community to focus for more serious, long term projects, such as the solutions that White Company is building. While there will probably be only a handful of cryptocurrencies that will remain relevant in a few years, there will be many revolutionary services and companies built on blockchain technology. The market will focus on transactional stablecoins (like WSD) that simplify global payments, as well as using blockchain technology to simplify administration of real-world investible assets (such as real estate, hedge funds etc).”