Thursday, September 7, 2017

Take your Bitcoin profits and live like a boss as Dubai condo complex now accepts cryptocurrency for purchase

Over the past couple of years there have been a number of fringe property deals in which the owner of a residence was willing to accept Bitcoin in lieu of cash.

A casino owner-turned-commercial developer is asking $7.85 million to sell a Las Vegas home, and he's willing to accept the online currency bitcoin for the deal. 
Jack Sommer said he got the idea to seek bitcoin for his 25,000-square-foot mansion from two of his sons, who've been involved in making and trading the currency. 
"The advantage is that we're expanding our market and adding some notoriety," Sommer said. – CBS News
But as the value of Bitcoin in relation to sovereign currencies has increased several thousand fold in just the past two years, a consortium out of Dubai is now offering individuals the chance to purchase a studio or one bedroom condo in a major new high rise using the cryptocurrency rather than dollars, pounds, or rials.
Bitcoin fans are being offered first dibs on 150 apartments in a new Dubai development.
Aston Plaza and Residences is offering studios for 30 bitcoin, and one-bedroom apartments for about 50 bitcoin ($242,000), although the prices may vary because they're pegged to the dollar. 
Once a buyer decides to go ahead with the purchase online the bitcoin price is fixed for 15 minutes. 
Michelle Mone, a British lingerie entrepreneur and partner in the project, said more apartments would be offered in October for people interested in buying in conventional currency. 
"We want to give an opportunity to the bitcoin world," she told CNNMoney. "It's a good way for bitcoin users to trade in their bitcoin into bricks and mortar." – CNN Money


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