The Manhattan real estate market is adopting Bitcoin for property payments as the value of the digital currency increases.
Ben Shaoul, of Magnum Real Estate Group, is a real estate developer who hopes to take advantage of the recent boom in digital currencies.
Speaking to the Express, Shaoul said:
We have contacted a buyer who has been collecting bitcoins for many years and who was interested in using it to buy a property.
Since then, there have been two other clients who have contacted the developer to find out if they can buy luxury condos with cryptocurrency. The prices of these properties range between $ 700,000 and $ 1.5 million.
With the increase of prices in the space of digital money, the owners are turning more and more to the market. As a result, many would have listed their properties with the option to pay in Bitcoin.
Last month, a Notting Hill mansion in London was put up for sale with the price of $ 17 million, considered the first for the metropolitan city. In this case, however, the seller only accepts Bitcoin. Last week, it was reported that a 49-year-old man had sold his house for £ 80,000, with the option of accepting digital currency.
However, while the market is very attractive to potential buyers and sellers, there is a high risk of trading large sums of money. Due to the volatility of the currency, market prices change daily. This was evident during the weekend, when the bitcoin price dropped to $ 5,500 after rising to $ 7,800 a few days ago because of the news that the SegWit2x update had been suspended.
Despite this, Shaoul, who owns a bit of bitcoin, does not see the risks with too much concern, adding that the cryptocurrency market is volatile just like the stock market.
Would you stop investing in the stock markets? No, you would not. All people will have a risk assessment judgment about whether or not they want to invest in Bitcoin.
According to him, since he started the business, he has always played aggressively and believes that the acceptance of digital currencies puts them above others that continue to do things according to an “old school” method.
While other countries increasingly adopt the digital currency market, such as Japan, the United States is lagging behind. According to David Johnson, CEO and co-founder of the Lazio cryptocurrency platform, the United States will be the last to take the step in regulating digital currencies.