You can now buy and sell property for Bitcoin. In the last couple of months there has been an increase in the media attention this subject is raising. There has been a significant increase in the number of articles announcing property being offered to buyers for Bitcoin.
The most significant article which I have discovered, was on “Michellemone.com” however, this was also reported on just about every popular news channel. Chances are you have probably heard of Baroness Michelle Mone OBE. She is a Scottish entrepreneur who co founded MJM International through which, the Ultimo Bra was invented. She has had major success over the years a business woman and has just announced not just her biggest business venture to date. But also her most exciting on yet.
What is the development?
On 6th September Michelle Mone announced “a £250 million development of two luxury apartment towers and shopping mall in the heart of Dubai”. The lavish development is said to be completed by 2019 and there will be 1,130 and the first 150 apartments will be available to buy with Bitcoin! You can even design your new apartment using Baroness Mone Interiors, which can also be paid for with Bitcoin.
Although Michelle Mone has announced that any purchases made in Bitcoin will be converted back in dollars, to protect the investment. Michelle Mone speaks very highly of the cryptocurrency, and this development will demonstrate the practical uses of Bitcoin for purchases of this scale. It also demonstrates just how important Bitcoin and other cryptocurrencies are going to be in the near future.
Why sell property for Bitcoin?
The number one reason at this point in time is publicity. On January 1st 2017 the Bitcoin price was around £800/$1,000. Fast forward to today and the price is around £4,200/$5,500, these insane price increases is attracting masses of media attention. Therefore to announce that you are going to be accepting Bitcoin for the sale of your development is going to attract media attention. This is also good for the cryptocurrency industry as Bitcoin gains even more attention and credibility. More and more uses are arising for Bitcoin and is slowly being integrated into our society.
A second article which caught my attention was on ‘The Daily Mail’, when they reported that a Notting Hill Mansion had gone up for sale for £17 million. The owner Lev Loginov, co-founder of London Wall whom are a property investment company has stated that he will only accept Bitcoin.
This article attracted a lot media attention which is no doubt a good advert for the sale of the luxury mansion.
Lev Loginov said “We want to shift all the perceptions on cryptocurrency” as well as suggesting that in the “future it is going to eliminate the need for solicitors and property titles”.
Both of these articles highlight some major benefits of not just Bitcoin, but the underlying technology, blockchain:
• Bitcoin is a faster more efficient way of purchasing goods, especially those with a high price.
• Blockchain technology may well remove the need for solicitors by removing the need for trusted 3rd parties
• It will be a cheaper process as it could cut out unnecessary banking and solicitors fees
• The more news coverage Bitcoin gets the more ingrained in society it will become
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