Dubai has been the center of real estate market in the last three or four years with a big number of huge projects being developed at any time. Recently, it has been announced that Dubai will be getting a new real estate project worth more than $325 million that will encompass more than 2.4 million square feet and it will have more than 40 stories. With those kinds of characteristics, this real estate project does not provide anything new in that aspect.
However, this project has been unique in the other sense as it will be the first big real estate project that will accept Bitcoin payments when it comes to selling condos and apartments. Bitcoin is getting more and more popular as an alternative to standard currencies which have proven to be unstable on many occasions. Because of that, Michelle Mone and Doug Barrowman decided to turn to digital currencies and enable buyers to buy space in their project using Bitcoins.
Barrowman said that Bitcoin has become a great alternative and that it is moving towards mainstream very quickly. Besides that, he also said that the market of digital currencies is growing bigger and bigger each day and that digital currencies have already become a very important factor in the global financial market. Additionally, he also predicted that more and more businesses will be incorporating Bitcoin and other digital currencies into their businesses as the value and the popularity of those currencies grow.
Barrowman is the one who has sufficient experience with digital currencies. For the last couple of years, he has been involved with digital currencies in different ways. Because of that, he is able to be confident about the future of cryptocurrency market while there are people who are expressing their worry that the market might collapse at any moment. Barrowman also said in an interview that he has seen Bitcoin and other digital currencies becoming part of different mainstream industries and he believed that it was time to introduce digital currencies into the real estate business as well.
Michelle Mone, on the other hand, said that she would not be taking a risk with digital currencies is she was not convinced that Bitcoin has a good future. She commented on the statements saying that this area is still unregulated and that these digital currencies could be used for a lot of illegal activities. She stated that every Bitcoin transaction is registered and logged and at any moment authorities can have an insight into the transaction record. Because of that, she does not see a problem of getting involved with Bitcoin and selling apartment for Bitcoins.
The new real estate project in Dubai will be completed by September 2019 but investors already have an opportunity to buy condos and apartments. It was reported that one studio apartment in the complex will have the initial price of 30 Bitcoins which is somewhere around $134,000 when converted to standard currency. The developers have announced that the digital currency payments will be conducted through the platform BitPay that has already worked with some of the biggest companies in the world, namely Microsoft and Virgin Galactic.
Written by Vedran Ostojic
Ahhh that was a good offer 😀