Bitcoin Being Used As Currency For The Future
China has been leading the world looking into different ways to innovate. One of those ways is to adopt blockchain technology and, according to Coin Desk, China's citizens are following the footsteps of its leaders. In a particular example, Chinese new millionaire Guo Hongcai has been exploring bitcoin and its many uses.
Hongcai was one of those that managed to get on to the bitcoin craze, selling 500 BTC in the US to buy a 100,000 sq ft property--a mansion--in the Los Gatos suburb of San Francisco, California. He also used that money to buy something to get around with--a Rolls-Royce bought with the fruits of his hard-earned bitcoin.
The Chinese resident said that it was completely normal to sell the currency in the US, but there is a clamor to use just that currency to buy properties. It just so happened that Guo bought his 'Mansion of Chives' through selling bitcoin. The name of the mansion was also slanged in Chinese for investors who are prone to 'big sell-offs'.
A property called the 'Harmony Estate' is being sold off in Coin Codex' post. The property is a beachfront property, which is surrounded by the lush green of pine forests, as well as only a few steps away from the Baltic Sea. It is a European property, which is still considered untouched by development and is only 30 minutes away from the airport.
The property, suggested for use as an escape, a spa resort, or even a resort for rent, is posted online and is being sold for $2,600,000--or, in bitcoin terms, 707 BTC. The property is being considered one of the best locations for a beachfront region. It is also considered a steal because of the location as well as the view.
The property, when broken down, is just 2 hours away from the Latvian capital of Riga. It is also 40 minutes away from the closest yacht port, alluding to the kind of people who will possibly visit the site. It can be reached through the car as it is 30 minutes away from Liepaja airport.
It could be a big draw to China's new rich, like Guo, who has been dealing in BTC. Millionaires like him are on the lookout for a new property as they, like the rest of the world, are looking to diversify. Perhaps BTC could fill in to make purchasing these properties easier than actually looking for them.