The whole real estate business was taken aback by the record-breaking sale of the gleaming and luxurious penthouse on Miami Beach. The penthouse was purchased for $22.5 million by an unknown bidder, which was more than all previous purchases on Miami Beach. The buyer paid the entire amount in bitcoin, making it the most significant cryptocurrency acquisition in the real estate sector to date.
A few weeks ago, the property’s developers announced they would take bitcoin as payment for their property at Arte. Since then, they have gotten more than a dozen inquiries from suitable purchasers, indicating that bitcoin is becoming more mainstream. Notably, the entire blockchain transaction took fewer than ten days from start to finish, a record in the history of real estate transactions for both buyer and seller, indicating that cryptocurrency transactions for real estate transactions save a significant amount of time.
This transaction is a wake-up call for the real estate industry about the future of real estate transactions. The industry must recognise that Crypto is here to stay. Thus dealers should buckle up and prepare to lead this revolution. Miami is becoming a burgeoning centre for the cryptocurrency market, according to reports.
“We were surprised by the number of calls we received from qualified buyers,” said Alex Sapir, the property’s developer. “Real-world crypto transactions haven’t fully entered the mainstream yet, so it’s clear that top holders around the world pay attention when new opportunities to transact open up,” he added.
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