According to a recent report, Magnum Real Estate Group was accepting Bitcoin as payment for the sale of three stores valued at $ 29 million.
Magnum Real Estate to accept bitcoin in sale of Manhattan retail properties in another first for US commercial market. Read more from @scmpnews: https://t.co/KdsiZ3QJTx #crypto #realestate #nyc #Cryptocurency #manhattan #bitcoin pic.twitter.com/Q5dWAgqcGu
— BitPay (@BitPay) September 15, 2021
This development would make it the first major income-producing real estate investment opportunity in the U.S. for Bitcoin investors.
Ben Shaoul, Managing Partner of New York-based Magnum stated,
“We are a pioneer in Bitcoin transactions and we see a way in which many more transactions can be processed via blockchain.”
Meanwhile, the said firm collaborated with BitPay to receive the payment in Bitcoin on behalf of Magnum, and deposit the dollars into the real-estate firm’s account in USD.
The report further noted, “If someone pays the $ 29 million in BTC, it would be the most expensive transaction in the real estate industry paid for in cryptocurrency.”
Past Real Estate Transactions
Before the aforementioned development, a $22.5 million penthouse in Miami was purchased entirely with cryptocurrency. Ergo, making it the most expensive property ever purchased in these assets (at the time). Additionally, London’s most expensive penthouse at One Hyde Park was listed for $244 million recently, with the option to purchase it in crypto. Obviously, If sold this way, that would make it the largest known crypto real estate deal in the world. Nonetheless, all these developments have significant implications for cryptocurrencies.
Real estate has long been the best-performing investment in modern history. Now, with digital assets, it could become commonplace to increase wealth as well as traction.