The real estate industry is embracing bitcoin as a means of payment more and more.
Just recently, a report on the Wall Street Journal has indicated that hedge fund manager Claudio Guazzoni de Zanett placed his Manhattan townhome on the market for almost $30 million in United States dollars or $45 million in cryptocurrencies.
Zannett is protecting his asset, tacking on a 40% premium for paying in bitcoin as opposed to fiat money to offset the instability of the price of bitcoin.
Zannett, who leads the hedge fund bearing his name, is eager to take bitcoin, Ethereum or Ripple.
“I’m a true believer in these networks, but it’s very volatile. They could be down 60% in two weeks,” Zannett was quoted as saying.
Zannett has shown a propensity for placing bets on high-tech companies, and according to his LinkedIn profile, he also established Zannett Cryptocurrency Group. He appears to have been dabbling in cryptocurrencies and blockchain since at least 2015.
Hedge funds that are invested in bitcoin and altcoins have been taking it on the chin as of late, with leading cryptocurrency funds such as Pantera Capital having gone through declines of more than 45% in March.
Pantera got back returns of a whopping 25,000% since inception through year-end 2017.
However, it has not fazed Zannett. His house has six levels and boasts more than 12,300 square feet. It’s more than 20-feet wide and is made with marble and limestone. The townhouse is in Manhattan’s wealthy Upper East Side neighborho
New York is not the only real estate market bitcoin is dipping its hands into. Across the United States in Colorado, a buyer used his bitcoin profits to buy a $1.1 million home. The realtor, who deemed the seller as “trusting” and the transaction as “smooth,” relayed that she “had to be educated on what [bitcoin] was.”
The buyer had to prove his capability to pay for the home, which he successfully did by providing pictures of his investment portfolio to the seller. While the actual transaction happened with fiat money, the buyer incrementally liquidated his crypto holdings to offset fees and taxes and placed the funds into a checking account, which he sent to the seller at the time of the closing.
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