Magnum Real Estate Group from New York just recently announced that they are going to be accepting payments in Bitcoin.
Based in the city of New York in the United States, Magnum Real Estate has now decided to adopt the top cryptocurrency, Bitcoin, for accepting payments. The company mentioned that they are selling a few of its premium-level properties in order to acquire Bitcoin and start dealing in cryptocurrency with buyers from all around the world.
Magnum Real Estate mentioned that they are selling a three-story condo space that would help them to bring Bitcoin into their inventory for the commencing of crypto payments. The condo space is currently on sale for a price of $29Million. If this property is successfully sold, it will hold the title of the most expensive property to be bought using Bitcoin. As for the Bitcoin that is hoped to be acquired by Magnum, the sale of the condo will be processed by Bitpay with 1% in transaction charges, and equal amounts of Bitcoin will be provided to Magnum after the processing is complete.
Magnum Real Estate mentioned that the ones who purchase these properties would also benefit from the large amounts of cash flow because these properties are already producing an income. Ben Shaoul from Magnum mentioned that the world would experience Magnum Real Estate become a major player in Bitcoin-based dealings and transactions, and those blockchain-based transactions will also see a nice increase. Ben also mentioned another set of Bitcoin-based purchases that will be happening soon by Magnum.
Real Estate and Bitcoin
The real estate market has seen to be quite slow when it comes to the adoption of Bitcoin and other cryptocurrencies, but the flame is still burning. The previous record holder of the biggest real estate purchase using crypto was the $22.5 million beach home that was bought in Miami some time ago. Other reports also mentioned a million-dollar home that was purchased by Bitcoin miner Vineet Budki in Dubai, using Bitcoin.
The adoption of crypto is definitely rising, as major players in the market have started to realize that cryptocurrency is something that needs to be looked into as popularity continues to rise globally. El Salvador making Bitcoin legal tender is indeed a good signal for many companies to get into the crypto space.