MANHATTAN: REAL ESTATE AGENCIES GET TO BITCOIN

Manhattan real estate market players are turning to Bitcoin to drive some deals, while the value of digital currency continues to rise.

Ben ShaoulBen Shaoul, president of the real estate developer Magnum Real Estate Group, seems to want to take advantage of this appreciation. In an interview with The Express, Mr. Shaoul said:

"We were solicited by a buyer who had accumulated Bitcoins for several years and wanted to use them as part of a real estate investment."

Since then, some potential buyers have also contacted him to find out if they could buy luxury apartments with cryptocurrencies. Properties built by the company typically trade between $ 700,000 and $ 1.5 million.

As prices rise in the digital currency ecosystem, a growing number of homeowners are starting to take an interest in this market. They are thus several to have jumped the step, by offering the possibility to the potential purchasers to settle the transaction in Bitcoin.

Last month, a London mansion was on sale for $ 17 million - and the seller only accepted one payment method: Bitcoin.

And last week, a 49-year-old man put his home on the market for £ 80,000, with the possibility of using a digital currency payment.

However, while cryptocurrencies can offer many benefits for both buyers and sellers, there are risks associated with this method of payment.

Indeed, the volatility of Bitcoin can be problematic: its price can change significantly in just a few days. This is what we saw last weekend, when the price of Bitcoin had dropped to $ 5,500, when it had reached a few days earlier the $ 7,800, before the announcement of the cancellation of the SegWit2x update.

Nevertheless, Shaoul, who holds a few Bitcoins, is not too worried about this risk, believing that the cryptocurrency market is as volatile as the stock market.

He explained:

"Would you like to stop investing in equity markets?"

The real estate developer believes that accepting payments in cryptocurrencies gives his company a competitive advantage over other promoters.

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