'Soaring' is a luxury yacht that can be acquired using cryptocurrency. Photo: Ocean Independence
'Soaring' is a luxury yacht that can be acquired using cryptocurrency. Photo: Ocean Independence
'Soaring' is a luxury yacht that can be acquired using cryptocurrency. Photo: Ocean Independence
'Soaring' is a luxury yacht that can be acquired using cryptocurrency. Photo: Ocean Independence

How crypto billionaires are spending their digital wealth


Arthur Scott-Geddes
  • English
  • Arabic

With crypto currencies such as Bitcoin and Ethereum continuing to grow in popularity and value, it has never been easier to spend digital money on real-world luxury, with all of the usual suspects in the offing. Everything from megayachts to sports cars, art and even gold bullion can now be bought by people keen to exchange their digital wealth for physical assets. Here are some of the most exclusive, outrageous and luxurious ways to splash your crypto cash.

Megayachts

The 'Soaring' luxury yacht. Photo: Ocean Independence
The 'Soaring' luxury yacht. Photo: Ocean Independence

Swiss yacht brokerage firm Ocean Independence this year announced that it would start accepting cryptocurrencies from buyers looking to purchase some of the world’s most exclusive ships.

“Cryptocurrencies have become an integral part of today’s world and will become increasingly important,” says Peter Hürzeler, managing partner at Ocean Independence. “Therefore, it stands to reason that our clients are now able to pay for their yacht purchase and yacht charter with this type of currency. As one of the first yachting companies to take this step, we are delighted to facilitate the acceptance of most common cryptocurrencies.”

A superyacht such as Soaring might be high up on the list of anyone with a crypto fortune burning a hole in their USB sticks. The 68-metre Abeking & Rasmussen superyacht features luxury accommodation for up to 12 guests in six staterooms, as well as an abundance of indoor and outdoor leisure areas, including a lavish spa. The owner also has access to their own private deck and outdoor lounging area.

With a price tag of €98 million ($107.5m), Soaring could be yours for about 2,218 Bitcoin at the time of writing.

Property

A priority for any self-respecting crypto billionaire will be a luxury property. Luckily, the real estate world has been quick to begin accepting cryptocurrencies, with a host of agents now accepting Bitcoin in property sales.

One such company is Bithome, which lists properties for sale around the world that can be bought with the popular digital currency. From a beach house in Fiji to a penthouse in Cyprus and a villa in Romania, there are plenty of options to choose from.

Among them is a three-bedroom apartment in the heart of the historic Swiss city of Lugano, which sits beside the majestic lake from which it gets its name. Listed at 54.6BTC – about $2.25m at the time of writing – the 1,940-square-foot apartment is luxuriously appointed, with made-to-measure wardrobes from neighbouring Italy and two parking spaces in a thermoregulated garage.

Cars

Luxury cars such as the Ferrari SF90 can be bought using cryptocurrencies. Photo: Ferrari
Luxury cars such as the Ferrari SF90 can be bought using cryptocurrencies. Photo: Ferrari

Finding suitable luxury cars to fill those two empty parking spaces should be no problem at all.

Sportscars have been some of the most notorious purchases among a new class of ultra-wealthy individuals who made their money in cryptocurrencies. Europe’s Bitcars currently accepts a variety of cryptocurrencies, including Bitcoin, Ethereum and Dogecoin, in exchange for some of the most exclusive automobiles on the planet.

The company, which got its start selling luxury watches and jewellery, also for cryptocurrency, is currently offering a Ferrari SF90 for a little more than 22 BTC, about $900,000 in today’s money. Offered only to those customers deemed worthy by the storied Italian supercar maker, the SF90, a mid-engine plug-in hybrid, is the jewel in the crown of the marque’s line-up.

With almost 1,000 horsepower provided by the twin-turbo V8 and electric motor, it managed to lap the company’s Fiorano test track even faster than the brand’s hypercar, the LaFerrari, all while still managing more than 80 kilometres to about four litres – perfect for the eco-conscious crypto baron keen to offset the environmental impact of Bitcoin mining.

But it’s not just modern supercars that can be bought with cryptocurrency. For an altogether refined automotive experience, you could hardly hope to do better than a 1957 Mercedes 300 SL. Listed with Bitcars for 37.710400 Bitcoin, or about $1.5m, the convertible Mercedes oozes the charm and sophistication of a bygone era. Its sumptuous red leather interior would be the perfect vantage point from which to enjoy a jaunt in the Swiss Alps.

Gold and silver bullion

Specialist companies like Bitgild help investors looking to swap the volatility of cryptocurrencies for the relatively safe haven of precious metals. Reuters
Specialist companies like Bitgild help investors looking to swap the volatility of cryptocurrencies for the relatively safe haven of precious metals. Reuters

For those with less of an interest in ostentatious displays of wealth who still want to invest their crypto wealth in tangible assets, gold or silver bullion could be perfect.

Specialist companies such as Bitgild have sprung up to help meet the demands of shrewd investors looking to swap the volatility of cryptocurrencies for the relatively safe haven of precious metals. Unlike the luxury yachting world, the price of entry for such a service is within the means of even the moderately wealthy.

A 50-gram bar of gold can be attained for about $3,200 or 0.0779064544BTC at the time of writing, while a one kilogram bar will set you back about $63,000. Bitgild already accepts 18 crypto currencies, including BTC and ETH, which can also be used to purchase silver, a kg of which can currently be purchased for less than $1,000.

Art

Christie's employees with the artwork 'Untitled, 1984' by US artist Keith Haring, which was bought using crypto last year. EPA
Christie's employees with the artwork 'Untitled, 1984' by US artist Keith Haring, which was bought using crypto last year. EPA

While sales of digital art for vast sums of real money have made headlines in recent months, it is also now possible to buy physical art with digital coins. Last year, Sotheby’s became the first auction house to accept cryptocurrency as payment for physical works of art when a pair of paintings by the British street artist Banksy sold for 3,093 ETH – more than $12m – in November.

Sotheby’s, which has been in business for about 300 years, now also accepts live bidding with Ethereum during certain auctions, with the hammer price also payable in Bitcoin and USD Coin.

Not to be outdone, Christie’s also began accepting cryptocurrencies as payment for physical art, offering a $5.4m Untitled painting by Keith Haring for sale last year.

While it is mostly reserved for their sales of contemporary art, cryptocurrencies are also accepted in certain private sales at Christie’s. Best have your art buyer make an enquiry ahead of the coming sale of Andy Warhol’s Shot Sage Blue Marilyn, which, if it reaches its estimate of about $200m, could become the most expensive 20th century artwork ever sold.

Tungsten...?

A tunsten cube. Getty Images
A tunsten cube. Getty Images

No list of items to acquire with cryptocurrency would be complete without mentioning Tungsten.

The somewhat rare and extremely heavy element has become the ultimate status symbol among a subset of the crypto-obsessed, who covet cubes of the metal as trophies of their success.

Last year, the craze for Tungsten reached fever pitch when a group of anonymous crypto investors bought a cube weighing about 900 kgs. Manufactured in the US, the cube measured just under 37 centimetres across and sold, along with an accompanying NFT, for $250,000 in ETH.

Those wishing to get in on the fashion for small blocks of surprisingly heavy metal should look no further than Midwest Tungsten Service, the very company that produced the record cube last year.

The metal is available in a staggering variety of shapes – from entry level cubes measuring a few centimetres across, to seriously expensive cubes that still measure mere centimetres across but, importantly, weigh significantly more.

For the ultimate status symbol, the four-inch cube is the one to go for, weighing in at an impressive 18.88kg. The Tungsten cube will set you back $3,499 and it is, of course, possible to pay with Bitcoin.

UAE%20medallists%20at%20Asian%20Games%202023
%3Cp%3E%3Cstrong%3EGold%3C%2Fstrong%3E%0D%3Cbr%3EMagomedomar%20Magomedomarov%20%E2%80%93%20Judo%20%E2%80%93%20Men%E2%80%99s%20%2B100kg%0D%3Cbr%3EKhaled%20Al%20Shehi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-62kg%0D%3Cbr%3EFaisal%20Al%20Ketbi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-85kg%0D%3Cbr%3EAsma%20Al%20Hosani%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Women%E2%80%99s%20-52kg%0D%3Cbr%3EShamma%20Al%20Kalbani%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Women%E2%80%99s%20-63kg%0D%3Cbr%3E%3Cstrong%3ESilver%3C%2Fstrong%3E%0D%3Cbr%3EOmar%20Al%20Marzooqi%20%E2%80%93%20Equestrian%20%E2%80%93%20Individual%20showjumping%0D%3Cbr%3EBishrelt%20Khorloodoi%20%E2%80%93%20Judo%20%E2%80%93%20Women%E2%80%99s%20-52kg%0D%3Cbr%3EKhalid%20Al%20Blooshi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-62kg%0D%3Cbr%3EMohamed%20Al%20Suwaidi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-69kg%0D%3Cbr%3EBalqees%20Abdulla%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Women%E2%80%99s%20-48kg%0D%3Cbr%3E%3Cstrong%3EBronze%3C%2Fstrong%3E%0D%3Cbr%3EHawraa%20Alajmi%20%E2%80%93%20Karate%20%E2%80%93%20Women%E2%80%99s%20kumite%20-50kg%0D%3Cbr%3EAhmed%20Al%20Mansoori%20%E2%80%93%20Cycling%20%E2%80%93%20Men%E2%80%99s%20omnium%0D%3Cbr%3EAbdullah%20Al%20Marri%20%E2%80%93%20Equestrian%20%E2%80%93%20Individual%20showjumping%0D%3Cbr%3ETeam%20UAE%20%E2%80%93%20Equestrian%20%E2%80%93%20Team%20showjumping%0D%3Cbr%3EDzhafar%20Kostoev%20%E2%80%93%20Judo%20%E2%80%93%20Men%E2%80%99s%20-100kg%0D%3Cbr%3ENarmandakh%20Bayanmunkh%20%E2%80%93%20Judo%20%E2%80%93%20Men%E2%80%99s%20-66kg%0D%3Cbr%3EGrigorian%20Aram%20%E2%80%93%20Judo%20%E2%80%93%20Men%E2%80%99s%20-90kg%0D%3Cbr%3EMahdi%20Al%20Awlaqi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-77kg%0D%3Cbr%3ESaeed%20Al%20Kubaisi%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Men%E2%80%99s%20-85kg%0D%3Cbr%3EShamsa%20Al%20Ameri%20%E2%80%93%20Jiu-jitsu%20%E2%80%93%20Women%E2%80%99s%20-57kg%0D%3C%2Fp%3E%0A
How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Earth under attack: Cosmic impacts throughout history

4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon

- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.

50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater

1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.  

1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.

1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.

-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.

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Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters
UAE squad

Men's draw: Victor Scvortov and Khalifa Al Hosani, (both 73 kilograms), Sergiu Toma and Mihail Marchitan (90kg), Ivan Remarenco (100kg), Ahmed Al Naqbi (60kg), Musabah Al Shamsi and Ahmed Al Hosani (66kg)

Women’s draw: Maitha Al Neyadi (57kg)

The Abu Dhabi Awards explained:

What are the awards? They honour anyone who has made a contribution to life in Abu Dhabi.

Are they open to only Emiratis? The awards are open to anyone, regardless of age or nationality, living anywhere in the world.

When do nominations close? The process concludes on December 31.

How do I nominate someone? Through the website.

When is the ceremony? The awards event will take place early next year.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

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How%20to%20avoid%20getting%20scammed
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Meydan race card

6.30pm: Maiden Dh 165,000 1,600m
7.05pm: Handicap Dh 185,000 2,000m
7.40pm: Maiden Dh 165,000 1,600m
8.15pm: Handicap Dh 190,000 1,400m
8.50pm: Handicap Dh 175,000 1,600m
9.25pm: Handicap Dh 175,000 1,200m
10pm: Handicap Dh 165,000 1,600m

Brahmastra%3A%20Part%20One%20-%20Shiva
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FIGHT%20CARD
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Results

Men's finals

45kg:Duc Le Hoang (VIE) beat Zolfi Amirhossein (IRI) points 29-28. 48kg: Naruephon Chittra (THA) beat Joseph Vanlalhruaia (IND) TKO round 2.

51kg: Sakchai Chamchit (THA) beat Salam Al Suwaid (IRQ) TKO round 1. ​​​​​​​54kg: Veerasak Senanue (THA) beat Huynh Hoang Phi (VIE) 30-25.

57kg: Almaz Sarsembekov (KAZ) beat Tak Chuen Suen (MAC) RSC round 3. 60kg: Yerkanat Ospan (KAZ) beat Ibrahim Bilal (UAE) 30-27.

63.5kg: Abil Galiyev (KAZ) beat Nouredine Samir (UAE) 29-28. 67kg: Narin Wonglakhon (THA) beat Mohammed Mardi (UAE) 29-28.

71kg: Amine El Moatassime (UAE) w/o Shaker Al Tekreeti (IRQ). 75kg:​​​​​​​ Youssef Abboud (LBN) w/o Ayoob Saki (IRI).

81kg: Ilyass Habibali (UAE) beat Khaled Tarraf (LBN) 29-28. 86kg: Ali Takaloo (IRI) beat Emil Umayev (KAZ) 30-27.

91kg: Hamid Reza Kordabadi (IRI) beat Mohamad Osaily (LBN) RSC round 1. 91-plus kg: Mohammadrezapoor Shirmohammad (IRI) beat Abdulla Hasan (IRQ) 30-27.

Women's finals

45kg: Somruethai Siripathum (THA) beat Ha Huu Huynh (VIE) 30-27. 48kg: Thanawan Thongduang (THA) beat Colleen Saddi (PHI) 30-27.

51kg: Wansawang Srila Or (THA) beat Thuy Phuong Trieu (VIE) 29-28. 54kg: Ruchira Wongsriwo (THA) beat Zeinab Khatoun (LBN) 30-26.

57kg: Sara Idriss (LBN) beat Zahra Nasiri Bargh (IRI) 30-27. 60kg: Kaewrudee Kamtakrapoom (THA) beat Sedigheh Hajivand (IRI) TKO round 2.

63.5kg: Nadiya Moghaddam (IRI) w/o Reem Al Issa (JOR).

MEDIEVIL%20(1998)
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AWARDS
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Sukuk explained

Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.

How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

RESULTS

5pm Maiden (PA) Dh70,000 (Dirt) 1,400m

Winner AF Nashrah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

5.30pm Maiden (PA) Dh70,000 (D) 1,400m

Winner Mutaqadim, Riccardo Iacopini, Ibrahim Al Hadhrami.

6pm Maiden (PA) Dh70,000 (D) 1,600m

Winner Hameem, Jose Santiago, Abdallah Al Hammadi.

6.30pm Maiden (PA) Dh70,000 (D) 1,600m

Winner AF Almomayaz, Sandro Paiva, Ali Rashid Al Raihe.

7pm Handicap (PA) Dh70,000 (D) 1,800m

Winner Dalil Al Carrere, Fernando Jara, Mohamed Daggash.

7.30pm Handicap (TB) Dh70,000 (D) 1,000m

Winner Lahmoom, Royston Ffrench, Salem bin Ghadayer.

8pm Handicap (PA) Dh70,000 (D) 1,000m

Winner Jayide Al Boraq, Bernardo Pinheiro, Khalifa Al Neyadi.

The%20specs
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The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

Updated: May 31, 2023, 10:37 AM