Bitcoin was recently used in a contract to sell two million dollar condos in New York City, which Magnum Real Estate developer Ben Shaoul claims is the first real estate transaction to use Bitcoin in the city.
“I think it’s wonderful,” Shaoul tells Inverse. “It’s a very exciting time. How many times in your life will someone be able to be part of something as exciting as this?”
“We wouldn’t invest the time and the money and people capital into it if it was going to be just for one [sale],” Shaoul says, “It’s not just about accepting it, it’s about recognizing who your buyer is with these projects and catering to your buyers.”
After receiving a gradually increasing number of requests from brokers representing buyers wishing to pay with crypto, Magnum decided to make it happen. The company worked with the New York attorney general to ensure compliance with boundaries of the offering plan. It was a long process, as it also involved confirming with the banks and lenders.
Ultimately, Shaoul sees accepting Bitcoin as a way of giving his buyers what they want.
Write: Sara Bauer