Bitcoins are slowly getting accepted as real currency throughout the world for making different purchases and transactions like buying coffee, purchasing cars like Tesla, and even for real estate transactions. New York is the first to use bitcoin for property for example the Group; Magnum Real Estate put up retail condos along with the retail bottom floor for renting at a bitcoin amount of about twenty-nine million dollars in New York City.
Real Estate Transactions
Ben Shaul, who works for the Magnum Real Estate Group as a managing partner, and Bill Zielke, who is thE CMO at BitPay, said in an interview that they realized that Bitcoins are in high demand in the US, but there is basically nothing right now that is being offered to people who own bitcoins so they decided that it would be a great idea to offer people an opportunity of making Real Estate Transactions with cryptocurrency.
Bill Zirkle added that they fully stand with the Magnum Real Estate, and in just a month, they have made transactions of around 150,000, and yearly their transaction target reaches up to almost a billion. Profit can be generated from real estate faster than other luxury goods like cars, gold, boats, etc. Real estate property proves to be the fastest-growing and reliable resource for investors.
BILL ZIELKE further mentioned that cryptocurrency is not a gimmick or a trick as there are a lot of people who are using it already, and it is going to increase further in popularity in the coming years. Crypto wallets till now have increased up to a hundred million, and it is increasing day by day double than before.
Businesses are built upon the purchasing power of people who want to experience the purchasing of things like gold, jewelry, watches, real estate, etc. With crypto holders, it is the same; we are providing them an opportunity to have this purchasing power of using cryptocurrency.
Another advantage of a cryptocurrency over the old classical methods is that you could be living in any part of the world and still be able to make purchases in the United States or anywhere it is accepted. With other wire transfer methods, you have to worry about paying the fee they charge, but with crypto, there is no fee or extra expenses. It is efficient and not time-consuming like all the other methods.
Investors are always looking for assets that are cash flowing because that helps in the long run. They have invested in Bitcoins, but there was no way to use it for a cash-flowing asset; that’s why the idea of creating real estate property transactions was generated. These Bitcoin investors have now been provided with a chance to transform their Bitcoin currency into cash flowing through First avenue and 23RD street. After buying the real estate, they can simply flip it in later years to another buyer generating more profit.