Saturday May 18th, 2024
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This Dubai-Based Tycoon Just Started Selling Properties with Bitcoin

The Knox Group of Companies - whose new property development is valued at $325 million - is the world's first major real estate development accepting the digital currency.

Staff Writer

The Knox Group of Companies has just launched the world's first residential and commercial property development whose residences can be purchased with bitcoin. The complex, located in Dubai, is a 2.4 million-square-foot property venture called Aston Plaza and Residences, valued at $325 million.

The company, led by British millionaire - and lingerie tycoon - Baroness Michelle Mone and her husband, Doug Barrowman, announced last Tuesday they will start selling properties in bitcoin now. "Everyone has to wake up, bitcoin is not going to go away," Mone said in a BBC TV show. 

According to the Telegraph, a studio apartment in this complex can cost from 30 bitcoins ($133,000) up to 85 bitcoins. The units, which will be located in two towers and a shopping mall, come with access to a gym, swimming pool and residents' lounge. They also have views over the Dubai Hills and the city skyline. The first 150 apartments in the complex can already be bought using bitcoin, which buyers can also use to decorate their new home.

Having increased in value from about $570 to more than $4,300 - a whopping 750% - in a year, bitcoin reached a record high price of $4,700 last week.

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