It's 2024 and The Penthouse Queen is always expanding. This year, our newest and soon to be favourite way of expansion is CRYPTO. We have the sources, and are learning just how to buy your luxury property with crypto in a seamless, knowledgeable and exciting way!
Crypto is taking over, and we are too!
Cryptocurrency millionaires and billionaires have become a significant part of the luxury market, with notable transactions such as Brian Armstrong's $133 million Bel Air estate, Ivan Soto-Wright's $38 million Miami estate, and Olaf Carlson-Wee's $28.5 million Hollywood Hills mansion. These transactions have flooded the luxury market and driven significant transactions in the cryptocurrency industry.
Developers are embracing cryptocurrency payments for high-end listings to attract investors in the early stages of their investment careers. Brokerages are hosting cryptocurrency seminars for agents to learn how to use cryptocurrency in real estate transactions. Despite only a few luxury real estate transactions using cryptocurrency, some developers are allowing it to be used more in real estate, with PMG becoming the first to accept pre-construction condo deposits in cryptocurrency.
We predict that cryptocurrency transactions will grow in real estate due to their efficiency and lack of delays compared to traditional banking systems. Cryptocurrency is open 24/7, unlike traditional banking, which requires wire transfers during banking hours. However, cryptocurrency value can be volatile, with Bitcoin trading at $38,000 as of January 26, indicating its potential for growth in the real estate sector.
