Elon Musk will amass bitcoins, but will he waste them? Following the introduction of BTC by the real-estate company he uses, the Tesla CEO will now pay his rent in BTC.
Elon Musk, who has become a corporate leader of blockchain acceptance, may be about to take the next move to begin paying rent in Bitcoin (BTC).
Although no announcement has been made by the “Technoking,” news of a relationship between Caruso Properties, a Los Angeles real-estate company, and the Gemini cryptocurrency exchange, established by the Winklevoss twins, broke on April 7.
Caruso would welcome Bitcoin payments for rent at its numerous retail and residential properties as a result of the agreement. According to the Los Angeles Times, Caruso converted approximately 1% of its treasury into Bitcoin as part of its agreement with Gemini.
Caruso owns the Americana at Brand Center in Glendale, California, which houses the Tesla dealership. Elon Musk, CEO of Tesla, has so far proved to be a visionary figure in the cryptocurrency space — at least among the eccentric billionaire community.
Will it be too early to ask Elon Musk to start paying rent in Bitcoin after purchasing $1.5 billion in Bitcoin and welcoming BTC as payment for his Tesla electric vehicles?
Owner Rick Caruso said there hasn’t been a scramble to pay rent with Bitcoin yet, but that the company’s investment has already proven fruitful.
“I believe it’s a good hedge and has already proven to be a good investment for us,” said Caruso.
Caruso seems to be thinking forwards by making his estate available to potential Bitcoin investors. He likened Bitcoin’s acceptance status to that of credit cards fifty years ago — an unusual and often distrusted piece of technology that is now ubiquitous in western culture.
“I believe bitcoin and blockchain are going to be doing the same in the future. We want to be ahead of the curve,” Caruso added.
Tyler Winklevoss, CEO and co-founder of Gemini, said his company was “thrilled” to see cryptocurrency use spread to the real estate industry, adding that the change would help both Caruso and its clients.
“We are excited to work with Caruso as they begin to propel the real estate market to greater heights by embracing blockchain for the good of both their client experience and their own company operations,” Winklevoss said.
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