 ▲ Bitcoin (BTC), real estate, luxury mansion / ChatGPT-generated image |
Grant Cardone, a titan in the real estate market, is shaking up asset market conventions by listing his ultra-luxury mansion under the unprecedented condition that he will accept only Bitcoin (BTC), not cash. Analysts say the move reflects Cardone’s conviction that the center of asset value is shifting from physical assets to digital ones.
According to cryptocurrency media outlet Benzinga on Feb. 15 (local time), real estate investment expert Grant Cardone announced that he would sell his 10,000-square-foot mansion in Golden Beach, Florida, for 700 BTC. Currently valued at approximately $46.58 million, the property features seven bedrooms and a six-car garage. Despite its premium status, Cardone made it clear that he would not accept U.S. dollars.
Cardone’s insistence on Bitcoin, even while listing the mansion below market value, stems from his firm belief in the future value of digital assets. Although a neighboring property is listed for $88 million, Cardone emphasized that he expects to be in a far better position in four years by holding Bitcoin rather than dollars like his neighbor. He is making an aggressive bet on Bitcoin’s long-term upward potential, despite its short-term volatility.
The market has seen heated debate over Cardone’s unconventional proposal. Cryptocurrency investor Glauber Contessoto expressed skepticism, arguing that Bitcoin holders would be unlikely to trade an asset with significantly higher potential future value for real estate. While Miami’s luxury real estate market offers expected annual returns of 3% to 6%, Bitcoin has surged more than 16,000% over the past decade, overwhelmingly outperforming in terms of profitability.
Cardone’s decision appears to be more than a simple home sale, instead representing a strategic move to capitalize on a Bitcoin downturn as a buying opportunity. Cardone Capital, the real estate investment firm he operates, purchased 200 BTC during the recent market dip and bought an additional $10 million worth of Bitcoin last month. To secure funds for further Bitcoin purchases, Cardone has even put his 2024 Bombardier Global 7500 private jet up for sale, underscoring his commitment to reallocating his portfolio toward digital assets.
This attempted transaction, which pits the symbolic value of physical real estate against that of digital gold, Bitcoin, is expected to serve as a significant experiment that could reshape payment paradigms in the high-value asset market. Grounded in his philosophy that one must give up present comfort to reach a desired future, Cardone is confident in victory by 2029. Industry observers are closely watching whether his near-gamble-level conviction will result in an actual sale and demonstrate Bitcoin’s function as a true currency.
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