World Wire

Knox Group in Dubai to be the first to sell $325 Million Residential Property in Bitcoin


The Knox Group of Companies announced the launch of a residential and commercial property  in Dubai. The value of the project is estimated at $325 million. The residential property can be purchased in bitcoin.


British entrepreneurs Doug Barrowman (chairman of the Knox Group of companies) and Michelle Mone announced the launch of Aston Plaza and Residences. It is spread over 2.4 million square feet with one shopping mall two residential towers. As claimed by developers it will be the first real estate project to accept bitcoin.


Doug Barrowman told to Reuters "This is a great opportunity for the crypto-currency community to offload some of its significant gains, especially the early adopters, and actually deploy them in hard-core assets which I'm building," 


This step may push bitcoin into the mainstream. The crypto-currency’s massive price rise has got all kinds of people interested in bitcoins.


The project will be completed by September 2019. The starting price of  studio apartment will be from 33 bitcoin around  $133,918 whereas one bedroom apartment will cost 54 bitcoins i.e. $250,000.


Knox group has partnered with Bitpay for online transactions that will happen in few minutes from anywhere in the world.


What experts have to say about Bitcoin? 


The sudden Chinese crackdown on bitcoin BTCUSD, -0.01% that caused the plunge is either the end of the beginning for the crypto-party — or, more likely, the beginning of the end. If you’re holding cryptocurrencies today, remember that no matter how much money you think you’ve made, you haven’t made a nickel until you’ve cashed it out wrote Brett Arends in Market Watch.


In India RBI recently issued a warning that it has not given any licence to any entity or company to operate such schemes or deal with Bitcoin or any virtual currency (VC).

Written by The Realty Paper

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