If you were offered an investment opportunity which would\nappreciate 900% in value in a year it would certainly be something simply too\ngood to miss. And that\u2019s exactly what holders of Bitcoins have seen happen over\nthe last year with the cryptocurrency finally hitting the $10,000 mark late in\nNovember.<\/p>\n\n\n\n
The cryptocurrency has certainly come a long way since it\nwas first introduced in 2009 by the mysterious Satoshi Nakamoto. At first it\nwas of interest only to computer programmers and other techies but, over the\nsubsequent 8 years, it has started to enter the mainstream with a number of\nretailers adopting it as a currency they will accept and many people round the\nworld seeing it as an investment opportunity in much the same way as the forex\nmarket works. It\u2019s even being predicted by some that it may soon be challenging\ngold as a commodity that is sure to produce a return.<\/p>\n\n\n\n
Beyond being a fast-appreciating asset, Bitcoin has a number\nof other reasons for its popularity. The first is that it is free from all\nregulation or control by governments or banks and can be used anywhere in the\nworld without needing to convert it into another currency.<\/p>\n\n\n\n
Transactions can also be carried far more quickly, and with\nlow or no fees, compared with traditional fiat currencies like the dirham or\nthe dollar. The fact that the blockchain technology behind Bitcoin also makes\nit an anonymous and very secure form of payment also has great appeal.<\/p>\n\n\n\n
Unsurprisingly, the property sector in Dubai has already\nstarted to show a considerable interest in the cryptocurrency with an early\nexample being the real estate crowdfunding company Durise which has offered\ninvestors the chance to put money into their developments using either fiat\ncurrencies or Bitcoins.<\/p>\n\n\n\n
And now, even more significantly, two British entrepreneurs\ncalled Michelle Mone and Doug Barrowman, have announced plans for a $325\nmillion development in Dubai with payments being welcomed in Bitcoins for\napartments that will form a part of the project.<\/p>\n\n\n\n
Called the Aston Plaza and Residences, the 2.4 million sq ft\ndevelopment will consist of two 40 storey towers and it\u2019s believed to be the\nfirst in the world that will accept payment in Bitcoin.<\/p>\n\n\n\n
The plan is to appeal to a wide range of buyers, from those\nwishing to buy one of the smaller studio flats which are planned to cost around\n$134,000 right up to property investors who are buying to let with the prospect\nof an annual return of around 9%.<\/p>\n\n\n\n
Following the announcement, it will be interesting to see if\nother developers in Dubai also start to follow suit by welcoming Bitcoin\npayments. Barrowman certainly believes this will be the case and has said, \u201cSo\nI see it coming to that stage where the early adopters are giving way to a more\nmainstream application of cryptocurrency, and therefore it’s a logical\nextension to take land and buildings and effectively offer people the\nopportunity to pay in cryptocurrency or Bitcoin rather than just fiat\ncurrency.”<\/p>\n\n\n\n
Whether his predictions come true remains to be seen. What\nis certain, however, is that the world will be watching the progress of the\ndevelopment and the number of buyers who choose to pay in Bitcoin very\ncarefully indeed.<\/p>\n","protected":false},"excerpt":{"rendered":"
If you were offered an investment opportunity which would appreciate 900% in value in a year it would certainly be something simply too good to miss. And that\u2019s exactly what holders of Bitcoins have seen happen over the last year with the cryptocurrency finally hitting the $10,000 mark late in November. The cryptocurrency has certainly come a long way since it was first introduced in 2009 by the mysterious Satoshi Nakamoto. At first it was of interest only to computer programmers and other techies but, over the subsequent 8 years, it has started to enter the mainstream with a number […]<\/p>\n