- An anonymous buyer used cryptocurrency to purchase a Miami Beach penthouse worth $22.5 million.
- This is the most expensive cryptocurrency-based real estate purchase ever.
- In the past few years, the practice of using cryptocurrency to purchase real estate has become mainstream.
- View more stories on Insider’s business page.
Exclusive penthouse address in the Surfside community in Miami Beach recording It is the most famous all-cryptocurrency real estate transaction.
In mid-May, Antonio Citterio’s Arte Surfside announced that it would accept cryptocurrency as a payment method. A few weeks later, it sold the first of its 16 units to an unnamed buyer for $22.5 million in cryptocurrency.
This 5,067 square foot penthouse is located on the ninth floor of this 12-story building and includes four bedrooms and four bathrooms. Its outstanding feature is a 2,960 square foot terrace with views of the waterfront.
Arte has not announced the name of the buyer or the specific cryptocurrency that the buyer paid for the transaction, but the developer of the building believes that they are on the cusp of a radical transformation in the real estate market.
“Cryptocurrency is the future of wealth, and we believe this is just the beginning,” Arte co-developer Giovanni Fasciano said in a statement. “Arte sets a precedent for how these sales look and how quickly they occur. We are proud to be able to lay the foundation for this emerging new world.”
So, in terms of amenities, what can the $22.5 million cryptocurrency bring to you? Arte offers indoor and outdoor swimming pools, rooftop tennis courts, gyms and yoga studios, saunas, steam rooms, and what Arte calls “the waterfront”.
pond. “There are also children’s playrooms, dining kitchens and temperature-controlled parking spaces.
When all-encrypted transactions occur, brokerages have begun to consider cryptocurrencies more seriously.
Some brokers have started Hire an expert Processing crypto transactions, but most developers and agents have not yet accepted cryptocurrency as payment and require sellers to convert their cryptocurrency into cash for purchase.
The new company, including a company called Props, Suddenly appeared to provide encryption courses for real estate agents, creating a new industry in the process. For approximately US$500, Propy teaches agents how to work with encrypted solvent customers.
In the interview Forbes, Fasciano said that he believes real estate will still be a powerful investment opportunity, even if cryptocurrency changes the look of wealth.
He said: “History proves that new wealth holders always use real estate as a way to preserve their wealth and heritage for a long time.” “So we expect that the world’s latest cryptocurrency millionaires and billionaires will naturally have the same logic.”