- DJ Guetta is selling his $14 million USD Miami pad in exchange for 38 BTC.
- His listing is the only one on the website that accepts either bitcoin or ETH as payment.
- Cryptocurrency payments are one way of attracting new home investors into the market.
- BTC as a form of payment is becoming more in demand in the real-estate industry.
Cryptocurrencies have become an investment preference for millennials. Crypto millionaires, and most recently Dogecoin millionaires, have emerged amid the cryptocurrency bull run of 2021, instigating a shift in the hierarchy of wealthy spenders from new money to digital money.
While Bitcoin is leaning into user perception’s as digital gold, celebrities from every industry are becoming incentivized to get a piece of the BTC action. Renowned French DJ David Guetta added cryptocurrency as a preferred payment method for his $14 million USD Miami apartment.
Crypto Is Everywhere Now
David Guetta is looking to sell his three-bedroom Miami pad in exchange for $14 million USD and is accepting both BTC and ETH as payment methods. The 2,528 square foot property is located on the 37th floor of the Setai Residences luxury residence complex. The condo was purchased in 2018 from billionaire Richard LeFrak for $9.5 million.
Initially acquired to be used for $28,000, weekly rent outs, the apartment has three major selling points, the biggest of which being a view that overlooks the beachfront during the day and Miami city at night. With 24-hour hotel service, two master suites, and other amenities such as three swimming pools, the sale is expected to net David Guetta $4.5 million in profit.
The sale will be mediated by the Miami-based broker associate firm Freud Group, which caters explicitly to celebrity clients. Their description notes “a well-known player for South Beach Art Deco transactions, as well as luxury new constructions in Edgewater and Brickell”
The multi-platinum music artist, twice ranked number 1 in Dj Mag’s Top 100, whose songs have been streamed over 10 billion times, is not a newcomer in the cryptocurrency space. In September, he signed a deal with a decentralized VR platform, Sensorium Galaxy, to leverage new technological avenues during his performances.
On the Flipside
- Bitcoin payments in real estate could attract criminals looking to launder money.
- Only a few companies have publicly stated that they accept bitcoin or other cryptocurrencies as payments.
- David Guetta’s profit margin might decrease if Bitcoin surges or lowers in prices, depending on its price at the time of the sale.
Build It And They Will Pay In Crypto
Reports of cryptocurrency being unable to break into the mainstream are misleading. Several articles from 2017, and more recently from 2021, indicate that cryptocurrencies are already being accepted as a medium of exchange for renting property. Rick Caruso, a Los Angeles property developer, has announced that he will be accepting Bitcoin as a form of payment going forward, with one of his tenants possibly being Elon Musk.
Miami is becoming a lavish escape for many celebrities and wealthy personalities, with apartments selling for enormous prices. Arte, by Antonio Citterio, announced that a penthouse in Miami’s Surfside neighborhood sold for $22.5 million, all paid in cryptocurrency. The apartment has become the most expensive, physical, crypto real estate to date.
Although the name of the buyer has not been disclosed, Arte’s codeveloper, Giovanni Fasciano, declared that cryptocurrency “is the future of wealth, and this is just the beginning.” Furthermore, some brokerage firms are looking to hire crypto specialists; however, it should be noted that such payments have not yet become standard in the industry.
Crypto Is a New Way of Spending
Celebrities have become aware of the implications of cryptocurrencies for the economy, both as a store of value and as a way to monetize themselves or their interests. Think about Grimes, selling digital art for $6 million, or Snoop Dogg or Lindsay Lohan who have joined the NFT craze. As demand exceeds the supply, more industries will be forced to begin integrating crypto into their payment options, regardless of how high or low the sum is.
Giovanni Fasciano mentioned that cryptocurrency payments are more than just a marketing pivot for companies as they are becoming ingrained in the way people spend and hold money. David Guetta chose to receive payments in crypto “by choice,” and others might follow suit as crypto continues its mainstream ascent.