At this point, it’s fair to say the cryptocurrency industry is constantly evolving. Over the course of the past couple of months, we have seen a number of countries roll out new uses for virtual currencies. In Canada, for instance, individuals can now use Bitcoin to purchase meals from KFC. In Australia, travelers will soon be able to purchase items using Bitcoin in the Brisbane Airport. Now, we’ve been informed that luxury flats in Dubai can be purchased with the virtual currency. In fact, there have already been 50 flats sold in Dubai for Bitcoin.
Dubai’s New Relationship with Bitcoin
Business Insider published a report yesterday which stated that two UK entrepreneurs have sold 50 luxury flats in Dubai for Bitcoin. This is significant news as it suggests the cryptocurrency industry, at least in Dubai, might be making a move into real estate.
The world was informed in September of last year that the two entrepreneurs, Michelle Mone and Douglas Barrowman, had launched a $325 million luxury development in Dubai. It is forecasted to be finished in two years. After announcing the launch of the ‘Aston Plaza and Residences’, Mone and Barrowman promised that they will be offering 150 apartments that can be purchased using bitcoin. For perspective, the entrepreneurs will be offering 150 apartments out of the 1,3000 for bitcoin.
Offering luxury apartments in Dubai for bitcoin is definitely a first, but it appears investors are on board with it. According to the February Business Insider report, 50 out of the 150 apartments offered have been sold. In fact, Mone told the publication that there were a couple buyers who purchased two apartments. To top it off, Mone, who is the founder of lingerie brand Ultimo, stated that there was one buyer who bought as many as ten luxury Dubai apartments.
This news comes at a time when more and more people are fighting to see more cryptocurrency regulation. In fact, the United States, Germany, and France have all called for crypto regulation to be discussed at next month’s G20 summit in Argentina. Therefore, it will be interesting to see how the outcome of the summit affects the potential sale of more Dubai apartments for bitcoin.
What do you think? Would you want to buy an apartment using bitcoin? Leave a comment below!