And certainly from our standpoint, we don't see it as a gimmick.
Is this service- do you think this is more geared towards people who have a lot of crypto wealth and they simply don't want to convert it into fiat and it's just simply easier to pay from their stock of Bitcoin as opposed to people who are legitimately just trying to spend Bitcoin the way they would their fiat cash? I'm not sure if this is part of a rising trend or maybe just something that is a little gimmicky and attracts attention.īILL ZIELKE: Yeah. JARED BLIKRE: And Bill, let me just follow up with you there. But this- luxury goods in particular is one of the fastest, more popular, representing almost a third of our sales in the month of October alone. One of the fastest growing segments is luxury goods, real estate among them, alongside of other purchases of cars and boats and gold and jewelry. On average, in any given month, we're processing about 150,000 total transactions per month and, on an annualized basis, about a billion in value. We're a cryptocurrency transaction processor. What are you seeing in terms of transaction volume for real estate and crypto right now?īILL ZIELKE: Yeah, thanks, Jennifer, for having us, and we're pleased to support Magnum Real Estate with this effort. BitPay is processing this real estate transaction for Magnum- of course, BitPay a crypto payments processor. JENNIFER SCHONBERGER: Bill, let me come to you. So our idea is to offer something that's unique and try to pair the holders of the crypto with those who want to sell real estate. What we realized is that there's a demand for real estate, and there's nothing being offered to the owners or the holders of cryptocurrency. The first one was not a marketed transaction, but we transacted on the sister building to this property on 89th Street, also retail condo, where we were approached by a purchaser to buy with Bitcoin. Why are you only accepting Bitcoin here? What is the upshot to transacting in crypto?īEN SHAOUL: The theory here for us- and this is actually our second transaction. It is a luxury new construction residential building in Gramercy Park. As we mentioned in the intro, this is your first commercial real estate property on the market for Bitcoin. JENNIFER SCHONBERGER: Ben, let me start with you. It's great to have you both on the program. This is really fascinating, and we can get the background story here. And Jennifer, I let- I'll kick this off to you. It'll only accept Bitcoin.Īnd here to tell us about the property market for Bitcoin real estate transactions are Ben Shaoul, managing partner of Magnum Real Estate Group, and Bill Zielke, excuse me, Zielke, CMO of BitPay, a crypto payments processing company, along with Yahoo Finance's Jennifer Schonberger. The first commercial real estate property in New York is being put on the market for Bitcoin, and Magnum Real Estate Group is selling three retail condos complete with a rented-out retail bottom floor in New York's Upper Side- Upper East Side for $29 million. Bitcoin is being used to purchase coffee and cars too, and now commercial real estate.
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