Growing Demand for Bitcoin In Real Estate
If you have resisted the temptation of selling your Bitcoin stash during the unprecedented rise, you just might be in the market for a swanky new property.
Being an early hoarder of the cryptocurrency pays off as you can now buy a mansion in Moscow suburbs.
A dream home in the Moscow Suburbs can now be yours for $8 million on the market. The real estate firm Kalinka Group is offering an opportunity for anyone who has a stash of Bitcoin and they are willing to take it in full payment. Selling real estate for cryptocurrency is a progressive move, which could serve as a case study as Russia decides upon assigning a legal status to Bitcoin.
Ekaterina Rumyantseva, the chairman of the board of the Kalinka Group says:
“For the first time we were faced with the client’s desire to sell a house for cryptocurrency. Such transactions are still a novelty, even for world real estate markets. The sale of the house in Nikolino will probably become a precedent in the legal practice and real estate market”.
The Finance Ministry once drafted a law that could have turned possession and use of Bitcoin a serious offense that could result in jail time and hefty fines but that is in the past.
Moreover, the property is located in the village of Nikolino, where some of Russia’s most wealthy homeowners have converged.
The prime Moscow real-estate joins a growing list of properties whose owners will accept various cryptocurrencies as payment. This properties boast an ideal surrounding area of well-to-do with many restaurants, beauty salons, leisure complexes, and health facilities in the property’s vicinity.
Another real estate company, Real Estate Asset Ledger (REAL), has gained interest in the idea of using Ethereum Blockchain as a source of payment to buy fraction of a house. REAL is a new Ethereum Smart-Contracts governed ecosystem that applies Blockchain technologies to the enormous Real Estate investment industry.
Moreover, the Miami and UAE real estate industry is gradually embracing Bitcoin as realtors realize the merits and advantages of utilizing the Bitcoin network to facilitate the transfer of large-scale transactions.
The significant changes in the Real Estate industry for the big countries like Russia, America and UAE opens the opportunity for cryptocurrency to be accepted worldwide. This step has enhanced the trust for crypto to be safe and effective in transactions.