The property management company Magnum Real Estate Group is now accepting Bitcoin (BTC) for properties in Manhattan. The goal is to accept payments in the largest virtual currency for three ground-level shops that are currently worth close to $30 million. In the future, it might be possible to also add other properties and locations.
Magnum Real Estate Group Accepts Bitcoin Payments
As reported by South China Morning Post, buyers would be able to pay for Manhattan retail properties using Bitcoin, the largest cryptocurrency in the world. As per the report, buyers would be able to get immediate cash flow and they do not have to invest more as the spaces have been already built.
The shops are currently located at 383 First Avenue. They have 9,000 square feet of space and they are known as CODA.
Ben Shaoul, a managing partner of the New York-based Magnum company, explained that they are one of the leaders in terms of Bitcoin payments in the real estate industry.
On the matter, he said:
“We are pioneer in Bitcoin transactions and we see a path where many more transactions can be done using blockchain.”
At a price of $48,100 per Bitcoin at the time of writing, the properties are currently worth close to 623 BTC. These are just some of the properties that are available for investors that want to pay in Bitcoin, but there are many others.
In the past, there have been many other initiatives for Bitcoin investors to purchase real estate paying in BTC. There are different websites that are currently selling properties and where interested parties can pay using the largest digital currency in the world.
Some countries are also making it possible for BTC holders to pay for a property in Bitcoin. Some online Facebook groups are also allowing users to search and pay for flats and homes in Bitcoin. There is a large interest in purchasing real estate using BTC. In the future, with the expansion of clear regulations and legal frameworks, it might be possible for a larger number of investors to get paid for their property in BTC.
At the time of writing this article, Bitcoin is being traded close to $48,100 and it has a market valuation of $900 billion. Over the last 7 days, Bitcoin has surged by 6.5%, becoming one of the best performing crypto assets among the top 10.