Lingerie tycoon Michelle Mone and her partner, Doug Barrowman, on Wednesday launched a £250 million, or $327 million, property development in Dubai that will see hundreds of luxury apartments offered for sale in bitcoin.
Bitcoins are getting popular day by day and this project is pitched at investors who profited from the bitcoin boom and want to convert their digital assets into physical ones.
Construction has begun at the site, located in Dubai’s Science Park, and it is scheduled for completion in 2020.
Some of you must be thinking that bitcoins value go up and down every now and then!
The calculation is really simple, The apartment prices will be fixed in US dollars and then converted to a bitcoin value at the point of sale by the payment processor BitPay.
“We’ll need sight of passports, we’ll need to know the individuals we’re dealing with, and we will need the usual proof of funds that will ensure any dark-web money isn’t coming through the system.
“Every single bitcoin that’s ever been mined is recorded: The issue is the identity of the individual. Obviously by having a passport and knowing where the source of funds is coming from, you’re eliminating that aspect of risk in the transaction.”
Yes. They want to do it in a way that the apartments don’t go in wrong hands!