Miami-based E11EVEN Hotel and Residences is claiming to be the first real estate company to allow deposits for property purchases in the form of cryptocurrency.
Speaking to Fox Business, company and condominium project co-founder, Marc Roberts, stated the enthusiasm for crypto has been “really astounding”.
Roberts noted that local interest in crypto assets had piqued amid the recent Bitcoin Miami conference — which took place earlier this month and drew crowds of approximately 50,000 according to its organizers.
He noted there has been a “tremendous response” to E11EVEN’s announced support for crypto, adding it had already collected its first deposit in crypto before officially announcing it would accept digital assets.
Roberts added that E11EVEN is now roughly one month away from collecting its second crypto deposit, predicting the down payment will be worth between 10% and 15% of the property’s sale price.
The company offers plush high-rise residences in Miami’s Park West district. Prices for the lavish units start at $377,400, according to real estate agent Miami Residential. The 65 story condominium has 375 units, with the penthouse expecting to fetch as much as $10 million.
Roberts described supporting crypto as one the firm’s “greatest decisions,” warning: “those that don’t embrace [crypto] will be left behind:”
“I think the whole movement is trending towards more buyers paying in crypto and we are very excited to be the first people to take cryptocurrency for deposits on real estate.”
The real estate mogul acknowledged the volatile nature of digital assets, but was confident that the younger generation is unperturbed by price fluctuations and have already embraced digital assets.
When asked if he immediately liquidates crypto deposits to eliminate the volatility, Roberts offered little clarity, stating: “It’s all so new and we’re studying and we’re trying to embrace the movement.”
In mid-May, Cointelegraph reported that investors could buy luxury apartments in Portugal using Dogecoin among other digital assets.
Also in May, it was reported that Miami’s Arte Surfside luxury apartments, home to Ivanka Trump, were accepting payment for real estate in multiple cryptocurrencies including Bitcoin and Ethereum.