Be the first to know about the biggest and best luxury home sales and listings by signing up forIn June 2021, when the cryptocurrency markets were soaring, the developers of the Arte condominium in Miami’s Surfside neighborhood announced that a
buyer had purchased a penthouse there for $22.5 million in cryptocurrency. The deal, one of the most expensive ever done using digital coins, was heralded as evidence that cryptocurrency would eventually become commonplace in the real-estate world.
Next year will be probably sell for groceries 🤣
Cash is King
20% loss on real estate vs. 70% loss if they had held the crypto - great mitigation of risk
I identify as a dog.
By the way, Surfside FL is where the horrific condominium collapse occurred over a year ago. Sure hope someone has guaranteed the land under this building is not eroding away.
Hmm! Buy for 22m, sell for 18 m? Not sure how many people would take such a loss so quickly. Either going bankrupt or really needs a large capital loss or maybe laundered some money through nonexistent capital to obtain true capital!
Seems like the dude that lost was the first seller that accepted the $22.5 in crypto
so he made a profit?
That’s a pretty good trade..
Not so bad compared if he kept the crypto
I don't think this is the 'loss' you think it is. Bitcoin was at approx 35,000-40,000 in June of '21. It is around 17,000 now. That is a devaluation of 53-58%. The devaluation of the new asset is 20%.
Articles should just start saying btc when its btc. No way anyone is taking eth or anything else as payment for tangible goods. The only places that accept altcoins at this point are online casinos.
Not a loss. He didn't pay $18 million for his bogus crypto. What he did is launder bogus currency for real dollars. Bitcoin cbsnews JoeBiden
Depends on what price the owner purchased his crypto at. If they were holding it before 2020 then they are still way in the green and now they get a nice 4.5mil tax write off now.
Best investment he ever made. Made $18MM more than the crypto was worth.
Magnifique!
It’s only a loss if you look at it dollar to dollar. But the buyer who paid in cryptocurrency when the market cap was at ATHs and sold in cash has clearly come out on top, even if the property had a net loss of $4.5million
This is still better performance than just holding crypto.
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Source: WSJ - 🏆 98. / 63 Read more »