A real estate magnate – Ben Shaoul has sold his Manhattan USA condo for $15.3 million in Bitcoin (BTC).
According to reports by New York’s A-list real estate magazine – The real Deal, Shaoul who doubles as President of Magnum Real Estate group sold the 11,400 square foot property to a Taiwan-based company – Affluent International LCC.
Speaking on the deal, Shaoul’s real estate broker described the transaction as a “seamless process.”; even as the real estate boss had declined comments on the sale.
A source familiar with the company business however reveals that the Magnum group had also previously put up other properties for sale using Bitcoin and other cryptocurrencies such as Ethereum, Ripple.
Over the months, there has been an increase in property listings offering clients the option to pay in Bitcoin (BTC) or any other cryptocurrency.
From Malta, the United States, and UK, more property owners are exploring the cryptocurrency option. Notably, last month a 149-year old Church in UK was listed for sale at $1.5 million with an option to pay in Bitcoin (at current rates).
Many proponents of cryptocurrency payments hail its ‘seamless’ transaction process, combined with the advantage of lesser fees and no delays in contrast to traditional fiat–bank payments. There’s also the emerging adoption of crypto technology (blockchain technology) for property registrations in a bid to curb fraud and illegal sales.
One major concern for critics of cryptocurrency payments is the subject of ‘price volatility’ – an issue which is yet to be completely solved.
What are your thoughts on this? Will Bitcoin/cryptocurrency payments serve the real estate industry?