Ben Shaoul sells a condo for Bitcoins worth $15.3 million

The president of Magnum Real Estate Group, Ben Shaoul, recently sold a condo in the Upper East Side in New York City for $15.3 million in Bitcoin. A Taiwanese buyer bought the property.

Bitcoin has been getting mixed reactions ever since it was launched in 2009. While this global cryptocurrency has formed a community that includes millions of people, it is still witnessing backlash from the governments and the regulators. However, this backlash is just a speed bump for the enthusiasts who believe in the usage and efficiency of Bitcoins.

Recently, a New York City-based real estate owner and developer named Ben Shaoul used Bitcoin to sell an Upper East Side condo for $15.3 million. Ben Shaoul is the president of Magnum Real Estate Group, and he sold the mentioned condo to a Taiwanese enterprise called Affluent Silver International LLC. The transaction was completed using Bitpay and Starr, and Eric Hedvat was the broker for the deal.

Bitcoin Real Estate

This 11,400 square foot condo is not the only sale made by the real estate firm. Magnum has been a part of the crypto real estate business for a while as last year, and they sold two units in the same building. One place was sold for $875,000, and the other one went for $1.48 million in Bitcoins.

Shaoul is among the few real estate sellers who believe in the potential of the cryptocurrencies despite their volatile market. Various firms from NYC are slowly accepting the crypto-assets as a form of payment. The Brooklyn-based retail management company ManageGo has started taking crypto assets as a form of payment.

Recently, a 5-story mansion was also listed for sale with the payment options of Bitcoin, Ethereum, or Ripple. The address of the estate is 10 East 76th Street on the Upper East Side, and the price to pay for this mansion is $29 million.

Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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