Bitcoin (BTC) Holders Can Purchase A $29M Commercial Property In NY

Bitcoin (BTC) adoption keeps spreading significantly across many sectors of the economy, including real estate, where the first commercial property in New York was put on sale in the crypto market.

The deal is a millionaire one because Magnum Real Estate Group is selling three retail condos for about $29 million worth in the world’s largest crypto by market capitalization.

However, the location is also not unconventional, as it’s a new construction luxury residential building in Manhattan.

Real Estate Deals With Bitcoin

The masterminds behind selling the property argued that real estate’s demand is rising, and they found a way to take the best from it by listing the real estate in cryptocurrencies. “Our idea is to offer something that’s unique and try to pair the holders of crypto with those who want to sell real estate,” the firm noted.

Ben Shaoul, managing partner of Magnum Real Estate Group, clarified that this was not his first crypto-related deal with real estate, as he arranged three residential sales of condos in the Upper East Side for $15.3 million worth in Bitcoin.

One of the key points he highlighted about accepting cryptos to arrange property deals is that BTC is at record highs compared to some months ago, but also the philosophy of crypto holders as a means of savings to later use these profits to purchase real estate.

In addition, Sahoul pointed out that even the seller could benefit from the transaction because the crypto’s value could increase further.

Adoption Increases Alongside With The Price

All crypto transactions with Magnum Real Estate Group are performed through BitPay’s wallets, as the firm just receives the money converted in fiat dollars. In fact, BitPay noted that it had inked deals with luxury card dealers, global yacht brokers, among others.

Meanwhile, Bitcoin is recovering from the strong sell-off witnessed recently below the $60,000 critical handle after hitting a congestion zone formed by the volume profile. Now, it seems that the price is poised to retest the 200-period simple moving average at the H4 chart.

If buyers gain steam above $64,000, the price could gather momentum and eventually hit the resistance zone of $66,000. However, if it breaks below $58,000, doors will open for a leg lower’s extension towards the $54,000 level in a first degree.