A Pair of British Entrepreneurs Sold 50 Luxury Flats For Bitcoin In Dubai

[alyssa85]

https://cointelegraph.com/news/a-pair-of-british-entrepreneurs-sold-50-luxury-flats-for-bitcoin-in-dubai

Two entrepreneurs from the UK - the founder of the Ultimo lingerie brand baroness Michelle Mone and her billionaire partner Douglas Barrowman - have sold 50 luxury apartments in Dubai that they originally promised to put on offer for Bitcoin last September, according to a report published by Business Insider Feb. 10.

The $325 mln luxury development Aston Plaza and Residences was launched in Dubai in September 2017 and is set to be completed by 2020. Upon the announcement of the project, Mone and Barrowman promised to offer 150 out of the 1,300 apartments that comprise ‘Aston’ for Bitcoin.

By February, 50 of those apartments have already been sold, the two entrepreneurs told Business Insider. Michelle Mone added that some of the buyers purchased two apartments each, and one person bought as many as ten.

The property on offer in Bitcoin ranges from studios that cost $130,000 a piece, approximately equal to 15.5 bitcoins at press time, to two-bedroom apartments for $380,000 each or, roughly, 45 bitcoins.

[LegendX]

So it seems like bitcoin is developing more and more. This is good for bitcoin. It becomes popular and it has great potential to grow

[maltize]

Well, this does not surprise people. Many know that for bitcoins you can buy apartments, cars, pay for services in a restaurant and buy things in stores. This process can not be stopped.

[okae]

The property on offer in Bitcoin ranges from studios that cost $130,000 a piece, approximately equal to 15.5 bitcoins at press time, to two-bedroom apartments for $380,000 each or, roughly, 45 bitcoins.

Intelligent move, they will multiply their money this year, maybe by looking at people like them and how many profit they will get, other investors could jump into bitcoin too, seems like there are good movements with bitcoins and housing in that country.

[alyssa85]

The property on offer in Bitcoin ranges from studios that cost $130,000 a piece, approximately equal to 15.5 bitcoins at press time, to two-bedroom apartments for $380,000 each or, roughly, 45 bitcoins.

Intelligent move, they will multiply their money this year, maybe by looking at people like them and how many profit they will get, other investors could jump into bitcoin too, seems like there are good movements with bitcoins and housing in that country.

It's great publicity for them too - it's a wonder other firms arn't doing the same just to attract attention.

[daniweb]

That's really smart. They will owe more than what is now the flats value. Good for them!

[udivkx]

The property on offer in Bitcoin ranges from studios that cost $130,000 a piece, approximately equal to 15.5 bitcoins at press time, to two-bedroom apartments for $380,000 each or, roughly, 45 bitcoins.

Intelligent move, they will multiply their money this year, maybe by looking at people like them and how many profit they will get, other investors could jump into bitcoin too, seems like there are good movements with bitcoins and housing in that country.

In Dubai, there are always good moves, only there is very hot. But I'm not surprised that this nation will occupy a leading position in the market and crypto currency.

[teilwalL05]

It is their own money so they can do what ever they want from it, And I really think they are just desperate in making big with bitcoin and the sudden drop of bitcoin have given them the opportunity in selling their Luxury flats in exchange in getting really rich in the future, It might be a dumb move because you can surely just invest a little but this kind of desperate move will surely take up their courage on the risk that might involve in doing it,

[LFC_Bitcoin]

Very clever to sell if they’ve done it at the current price because it’s almost guaranteed we’ll see bitcoin’s price rise fairly significantly in the next year or so.

Very intelligent business there. 

[jseverson]

50 have already been sold? That's ridiculous. I'd have thought it would be a very niche marketing move that would attract one or two customers, but 50? Sure some customers bought more than one, but still. I guess I've been underestimating how widespread Bitcoin already is.

What would be interesting to know is whethere there are advantages for customers to use Bitcoin. Do they give out special discounts or perks or whatever? I could see some people buying Bitcoin just to use it in this case.

[tegarp90]

Congrats for the buyer, bitcoin is in bullish mode right now, he will make double profits for the flats selling 

[XEOP$]

Sure one day  those 50 will return  them  Dubai skyscraper. Crossing fingers.

[Thadeous]

Very clever to sell if they’ve done it at the current price because it’s almost guaranteed we’ll see bitcoin’s price rise fairly significantly in the next year or so.

Very intelligent business there.  

It was smart because of huge hype around this deal. Expensive and luxury purchases attract ten times more attention if to add words like "crypto" or "Bitcoin" into headlines.

[btc_angela]

Actually this is not a first, there's been a luxury home in London being offered as well.

https://www.thesun.co.uk/news/4467612/posh-1-7-million-house-in-south-london-becomes-uk-first-to-be-offered-for-digital-bitcoin-currency/

I think the real state business has see potential in attracting potential buyers if they are going to offer it with bitcoin and crypto. And yes, this is a great news for the ecosystem as well. And I guess that the real state company is also a bitcoin investor that's why they are willing to accept and probably Hodl on it.

[Thadeous]

According to me selling them for USD is waaaay better for the market. Because the seller will buy BTC afterwards and the USD will be invested in the Market. In this scenario we simply change the bitcoins from 1 wallet to another.. Anyway pshycologically it has benefits and its good for the community

It depends on what seller is going to do with BTC after the deal: hold it or sell it for USD.

[Pan Troglodytes]

Seems like for the enterpreneurs the better part of the deal was buying bitcoin when it was still cheap, and not selling the appartaments

The buyers, on the other hand, sold their bitcoin when it was cheap.

Anyway, it is an interesting alternative for people asking how to exit their bitcoin investment - judging from the threads on bitcointalk, they usually ask how they can sell their bitcoin to fiat, forgetting that they might purchase a real world asset (like real estate) and use it for investment or sell it later to fiat.

[StefanPLU]

Not bad, they get paid in Bitcoin and Bitcoin goes up lets say even by 30 %, good for them, really good.

More companies should accept Bitcoin as a payment !

[farhaan]

Dubai has always supported innovative technologies and so bitcoin being an innovative currency, we could expect more such news from there.

[bohr]

50 have already been sold? That's ridiculous. I'd have thought it would be a very niche marketing move that would attract one or two customers, but 50? Sure some customers bought more than one, but still. I guess I've been underestimating how widespread Bitcoin already is.

What would be interesting to know is whethere there are advantages for customers to use Bitcoin. Do they give out special discounts or perks or whatever? I could see some people buying Bitcoin just to use it in this case.

A person bought 10, so at best 30 to 35 people bought those apartments and not 50 but I do not find it that odd, those are people that have many bitcoin already and have decided to start using them, if you can use bitcoin directly instead of first converting it to fiat that is a move most of the users in the forum will do if they had the bitcoin to buy those apartments, while I do not have a lot of bitcoin I'm waiting for bitcoin to become even more valuable and for something like that to appear in my country.

[peter0425]

Dubai has always supported innovative technologies and so bitcoin being an innovative currency, we could expect more such news from there.

Yes, I agree with you. There are very supportive and held blockchain summits in the past. Actually there is one coming in April.

https://dibs.ae/

I'm sure that the realtors is really into crypto. Why would they accept bitcoin as payment if they don't have any in the first place? But it's really a welcoming to hear that bitcoin is slowly sipping in to those industry which we wouldn't thought that will adopt it.

So its gonna be a win-win situation. Bitcoin gaining good publicity then those potential buyers buy bitcoins so that they can get the apartments then realtors holding and dumping when the price goes high.