Mystery of orange bitcoin car revealed and owner lashes out at critics
- CNBC spotted an orange Mercedes in Davos with a bitcoin logo on it. No one nearby knew who parked it there.
- Crypto executives criticized the car, saying it was bad for the reputation of the industry after the excesses and the 2022 market collapse.
- Michael Chobanian, the founder of Kuna, confirmed to CNBC in a statement that the car belongs to him and that the reason he parked there was purely for convenience.
- Chobanian hit back at critics: “If someone made bad decisions and lost money, it’s their fault and not my cars.”
The orange Mercedes was parked along the Promenade in Davos. No one nearby saw who parked it there. The license plate says “Kuna”, which is the name of a Ukrainian cryptocurrency exchange. Michael Chobanian, the founder of Kuna, confirmed that the car belongs to him.
Arjun Kharpal | CNBC
DAVOS, Switzerland — The mystery of the orange bitcoin car, first spotted by CNBC on Monday in the Alpine resort of Davos, Switzerland, has been solved, and the owner is unimpressed by the critics.
The Mercedes, which has a bitcoin logo instead of the car’s iconic badge and the words “in crypto we trust” above the wheels, was parked outside the Blockchain Hub, a space run by Casper Labs along the Davos promenade.
The Promenade is the main street in Davos where companies and governments have taken over shops and cafes for this week’s World Economic Forum – an annual gathering of business leaders, celebrities and global politicians.
Last year, crypto firms from all walks of life took over the place. But since the crypto market crashed in 2022, there are far fewer crypto firms with flashy storefronts in Davos.
CNBC asked people nearby Monday whose car it was, but no one saw who parked it. Two crypto executives who spoke to CNBC did not welcome the car’s presence, given the wipeout of nearly $1.4 trillion from the market last year and the industry’s excesses under scrutiny.
One executive said the presence of such a car was not helpful to the industry’s reputation, which took a hit last year.
The license plate had “Kuna” printed on it, which is the name of a Ukrainian cryptocurrency exchange.
Michael Chobanian, the founder of Kuna, confirmed to CNBC in a statement that the car belongs to him and that the reason he parked there was purely for convenience.
“The car is there because this is the closest parking lot I could find,” Chobanian said.
He also hit back at critics of the car.
“How is the crash related to my property? I am.” [in the] the crypto and financial industry for 10 years. I do not sell or promote anything. If someone made bad decisions and lost money, it’s their fault and not my cars,” Chobanian said.
