Over the previous month, cryptocurrencies reminiscent of Bitcoin, Ethereum, and Litecoin have considerably dropped in worth. However you would not know that primarily based on the Miami-area actual property market. This week, a $22.5 million Miami Seashore penthouse was simply bought utilizing cryptocurrency—making it the costliest property to ever be paid for utilizing the digital foreign money. Whereas this information would possibly shock most readers, the follow of utilizing cryptocurrency to buy actual property has really been selecting up steam for years.
The Miami Seashore penthouse is situated within the metropolis’s Surfside neighborhood, an unique space that made historical past for an oceanfront rental that offered for $33 million in December 2020 (it is now among the many costliest rental gross sales in South Florida historical past). The 5,067-square-foot penthouse is situated on the ninth ground of the 12-story constructing, and contains 4 bedrooms and 4 loos. The client (who stays nameless) will take pleasure in a 2,960-square-foot terrace with oceanfront views.
What’s extra, the constructing gives indoor and outside swimming swimming pools, a rooftop tennis court docket, a health club, a yoga studio, a sauna, and a steam room. There’s additionally a youngsters’s playroom, a catering kitchen, and temperature-controlled parking areas.
“Cryptocurrency is the way forward for wealth, and we consider that is solely the start,” stated Giovanni Fasciano, codeveloper of the Miami constructing, in a press release.
However not everybody thinks cryptocurrency has lasting energy in actual property, not to mention as a medium of world trade. Utilizing his platform as a New York Occasions opinion columnist, Nobel laureate Paul Krugman has declared cryptocurrency to be a bubble that may ultimately burst. Maybe extra cynical in his beliefs, BlackRock CEO Laurence D. Fink stated in 2017 that Bitcoin is an index of cash laundering. “Bitcoin simply reveals you ways a lot demand for cash laundering there may be on the earth,” he declared.