Over the previous month, cryptocurrencies corresponding to 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 Seaside penthouse was simply bought utilizing cryptocurrency—making it the costliest property to ever be paid for utilizing the digital foreign money. Whereas this information may shock most readers, the follow of utilizing cryptocurrency to buy actual property has truly been choosing up steam for years.
The Miami Seaside penthouse is positioned within the metropolis’s Surfside neighborhood, an unique space that made historical past for an oceanfront condominium that bought for $33 million in December 2020 (it is now among the many costliest condominium gross sales in South Florida historical past). The 5,067-square-foot penthouse is positioned 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 out of doors swimming swimming pools, a rooftop tennis court docket, a fitness center, 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,” mentioned Giovanni Fasciano, codeveloper of the Miami constructing, in an announcement.
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 Instances 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 said in 2017 that Bitcoin is an index of cash laundering. “Bitcoin simply exhibits you ways a lot demand for cash laundering there may be on this planet,” he declared.