One of California’s greatest real estate companies has announced that it has decided to accept rent payments in Bitcoin. It will also invest in the cryptocurrency undeviatingly, as per a CNBC report. The Ceo and founder of Caruso, Rick Caruso, have advocated that he has invested an undisclosed amount of money in Bitcoin through his private real estate firm. The real estate company will also start receiving Bitcoin as rent payment at retail and commercial properties.
Rick Caruso further said that though tenants of his firm’s properties did not request him to pay their rent in the bitcoin, the decision was something he wanted to make as cryptocurrencies are becoming popular as a method of payment. He also unveiled that the Caruso has transformed 1% of its treasury into a digital asset. However, he failed to mention a specific dollar equivalent. Caruso is one of the first prominent adopters of Bitcoin in the real estate market. It accompanies an increasing list of big corporations and nations taking an interest in digital assets.
Rick Caruso Believes Crypto is Here to Stay
Caruso also said in an interview with CNBC that he thinks cryptocurrency is here to stay. He continued that the firm’s bitcoin acquisition is a part of its long-term investment strategy, which could exist at least for a decade. He also mentioned that 1% of bitcoin investment is the one that would normally go into the capital markets in bitcoin. The firm has associated with Geminin, a U.S.-based bitcoin exchange, to proceed with the purchase and offer custody for the investment.
Caruso accompanies Tesla is accepting bitcoin as a payment and as an investment vehicle. Various other firms such as MicroStrategy and Square have also purchased Bitcoin. Moreover, Tesla is a tenant of Caruso’s, indicating it might instantly be making its rent payments on its Caruso-owned properties in Bitcoin. Tesla paying its rent in Bitcoin would pave a significant milestone in bitcoin being applied in larger, more transparent financial transactions. This provides confidence to the investors that the cryptocurrency will soon be utilized over more fields of business.
As per BitcoinTreasuries.org, nearly 50 companies recently own about 1.4 billion BTC. That amount is worth approximately $81.8 billion and is similar to around 6.77% of the Bitcoin supply. Meitu, a leading Chinese app developer, declared today that the company had extended its cryptocurrency portfolio with the purchase of approximately 175 Bitcoin. Meitu now contains more than $100 million worth of Bitcoin and Ethereum.