It’s interesting to see early bitcoin investors acquire properties from the proceeds of their investments. This early adopters saw their coins increase tremendously in value within few years of purchase. This investors are now diversifying their portfolio by acquiring large scale properties across the globe. Majority of the early investors moved into real estate business.
One of the early adopters of Bitcoin in China, Guo Hongca, a beef salesman before investing in bitcoins is now one of the bitcoin millionaires. He sold about 500 BTC in USA and used it to acquire 100,000 square foot mansion in Los Gatos: a residential area that is about 90 minute drive from San Francisco, California. Guo also owns a Rolls-Royce that is parked at the property as part of his purchases from the BTC sale.
During an interaction with Coindesk, Hongcai said :
It’s very normal to sell bitcoin in the U.S. After selling bitcoin, you can just buy anything you want.
He went further to name his new home ‘Mansion of Chives’ for the word ‘Chives’ a Chinese slang for crypto investors who are vulnerable to big sell-offs.
Other top investors are also purchasing several properties after Chinese government banned ICOs and bitcoin trade. As a result of this ban, all the bitcoin exchange platforms migrated outside China while few others shut down permanently. Most of this investors use BTC to gain foreign currencies which they use to buy properties with.
Natalia Karayaneva, CEO of Propy a real estate firm that deals with crypto purchases, had this to say about the new crypto powered real estate industry:
We’re seeing that more and more people are willing to buy properties with cryptocurrencies because it’s getting easier to get their money out of the country using bitcoin, rather than establishing a bank account based in Hong Kong and getting their money out of the country using business channels.
Earlier this year, Propy listed a property worth $ 16 million with payment options in Bitcoin (BTC) , Etherum (ETH) and Ripple (XRP) . The property was later sold to a bitcoin Millionaire.