Cointelegraph Team
Cointelegraph
Driven by momentum from the Miami Bitcoin event, luxury condo development E11EVEN Hotel and Residences has already secured its first crypto deposit.
Miami-based E11EVEN Hotel and Residences is claiming to be the first real estate company to allow deposits for property purchases in the form of cryptocurrency.
Speaking to Fox Business, company and condominium project co-founder, Marc Roberts, stated the enthusiasm for crypto has been “really astounding”.
Roberts noted that local interest in crypto assets had piqued amid the recent Bitcoin Miami conference — which took place earlier this month and drew crowds of approximately 50,000 according to its organizers.
He noted there has been a “tremendous response” to E11EVEN's announced support for crypto, adding it had already collected its first deposit in crypto before officially announcing it would accept digital assets.
Roberts added that E11EVEN is now roughly one month away from collecting its second crypto deposit, predicting the down payment will be worth between 10% and 15% of the property’s sale price.
The company offers plush high-rise residences in Miami’s Park West district. Prices for the lavish units start at $377,400, according to real estate agent Miami Residential. The 65 story condominium has 375 units, with the penthouse expecting to fetch as much as $10 million.
Roberts described supporting crypto as one the firm’s “greatest decisions,” warning: “those that don't embrace [crypto] will be left behind:”
“I think the whole movement is trending towards more buyers paying in crypto and we are very excited to be the first people to take cryptocurrency for deposits on real estate.”
The real estate mogul acknowledged the volatile nature of digital assets, but was confident that the younger generation is unperturbed by price fluctuations and have already embraced digital assets.
When asked if he immediately liquidates crypto deposits to eliminate the volatility, Roberts offered little clarity, stating: “It’s all so new and we’re studying and we’re trying to embrace the movement.”
In mid-May, Cointelegraph reported that investors could buy luxury apartments in Portugal using Dogecoin among other digital assets.
Also in May, it was reported that Miami’s Arte Surfside luxury apartments, home to Ivanka Trump, were accepting payment for real estate in multiple cryptocurrencies including Bitcoin and Ethereum.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?