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Bitcoin [BTC]/Binance Coin [BNB]: CZ welcomes world’s first live real estate auction accepting cryptocurrencies

Biraajmaan Tamuly

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Bitcoin [BTC]/Binance Coin [BNB]: Binance's CZ welcomes world's first live real estate auction accepting cryptocurrencies
Source: Pixabay

The cryptocurrency space was recently pushed into real estate spotlight after virtual asset enthusiasts and users were allowed to use digital currencies to purchase a beach side property in Australia. In a first, the live auction used cryptocurrencies such as Bitcoin [BTC] and Binance Coin [BNB].

Changpeng Zhao, the CEO of Binance, one of largest cryptocurrency exchanges in terms of trading volume, tweeted to his nearly 300K followers about the development. He announced that “the world’s first live property auction using cryptocurrency” would take place next month.

Source: Twitter

The stunning beach side property is located at 1 Beech Lane, Casuarina, New South Wales and will be put up for auction in an event which has been labelled as an “international live property auction using cryptocurrency.”

Following the announcement, CZ clarified that the residence was “not a Binance house,” and said that he only “appreciated the property a lot.”

Trigon Trading, a firm facilitating high volume, over-the-counter [OTC] trades in Bitcoin, Ether, Litecoin, and XRP, revealed that it will be assisting the NuYen exchange in the settlement of BTC to Australian dollars during the real estate auction.

The announcement received many responses from social media users. Twitter user @rallyqt stated,



“This house is futuristic! It’s for sale for 471 Bitcoins $BTC (appr. $1.8 million at current prices) or I’m guessing ~200K Binance coin $BNB. The crypto price is way cheaper than fiat price. Nice.”

Moreover, Brad Laurie, an Australian resident with a YouTube channel on cryptocurrencies, said,

“I actually have seen this house for sale for a while now, ([it’s down the hill and road for me in Australia]. Imagine @cz_binance in a decade. When it was first advertised it was just in $BTC so this addition of $BNB is interesting.”

The massive adoption of virtual assets in institutions of trade and commerce is crucial to the development of cryptocurrencies. Hence, this development is being viewed by many as a huge accomplishment, not just for Bitcoin and Binance Token, but for the crypto-sphere as a whole.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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Bitcoin

Bitcoin [BTC]: Morgan Creek CEO compares BTC returns to endowment returns

Akash Anand

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Bitcoin [BTC] returns compared to endowment returns by Morgan Creek CEO
Source: Pixabay

Bitcoin [BTC] and the rest of the cryptocurrency market has seen something of an upgrade, compared to its situation in 2018 when the bear market resulted prices falling from their peak. Many supporters of the world’s largest cryptocurrency have repeatedly claimed that the return on investments on Bitcoin has always been greater than that of traditional financial markets.

In a recent tweet, Mark Yusko, CEO and Chief Investment Officer of Morgan Creek Digital Capital, pointed out some value points of adding Bitcoin to an investor’s portfolio. Yusko tweeted,

“Some numbers to ponder when thinking about value of adding #Bitcoin to your portfolio
Endowments have $613B in Assets. Average return over past 5 yrs was mediocre 7.2%
Had they allocated 1% to $BTC return would’ve been 9.2%
Had #Bitcoin gone to zero, return would’ve been 7%.”

The Morgan Creek official made this statement on the back of Bitcoin’s stellar performance over the past couple of weeks. Ever since the world’s largest cryptocurrency fell from its $6000 hold back in November 2018 to settle below $4000, it found it difficult to break that threshold. The point, considered by many experts in the field as being close to Bitcoin’s bottom, continued to pull the cryptocurrency into a bearish vortex. Since April 1, Bitcoin’s price has spiked, in stark contrast to the strong sideways movement that it held since November.



Looking at the numbers, Yusko’s statements about BTC yields can be verified because investors holding the cryptocurrency at the $4170 mark on March 31 saw their portfolio spike by a whopping 100 percent on May 16, when the price touched $8280.

Mark Yusko was also in the news recently when he stated that Bitcoin was a great diversifying asset. He backed this up by comparing the digital asset’s performance with that of the S&P market. He said,

“Morgan Creek had launched the cryptocurrency challenge back in December and there were not many takers. In a way that was good because BTC is up by more than 100 percent right now, which is a much better hit rate than that of the S&P market. We will see that in the next 10 years, Bitcoin will outstrip even its current performance and maybe even more.”

 





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