The most expensive cryptocurrency real estate transaction in United States history occurred in the luxury condominium development, Arte. Located in the Surfside neighborhood of Miami, the property was purchased by an anonymous buyer using cryptocurrency, though the type was not disclosed. The 5067 sq. foot, 9th floor unit features four bedrooms and four bathroom with 360 degree views of the city and ocean with an astounding purchase price sold at $4,440.50 per square foot. Developers Alex Sapir and Giovanni Fasciano of Sapir Corp LTD partnered with blockchain and securities trading platform SolidBlock in the deal.
Sapir said, “We were overwhelmed by the amount of calls we received from qualified buyers just after announcing our ability to facilitate cryptocurrency transactions for the condominiums at Arte. Real-world crypto transactions haven’t made their way fully into the mainstream yet, so it’s clear that top holders around the world pay attention when new opportunities to transact open up.”
Miami has been leading the forefront for cities within the United States, with Mayor Eduardo Suarez describing the area as a Silicon Valley for cryptocurrency. He has taken paychecks in BTC, and the city has welcomed crypto conferences with open arms. Michael Saylor of Microstrategy is one of the leading voices in the Bitcoin community, and a longtime resident of Miami. His company holds 125,051 bitcoins as of Feb. 14th, 2022.
CityCoins offers people, " a way to support their city and grow its crypto treasury while earning Bitcoin BTC and Stacks STX for themselves". It first launched MiamiCoin (MIA) which aims to provide the city with an ongoing stream of crypto revenue. The city can choose to use the crypto in any way necessary to benefit the city and its constituents. On February 2, 2022, Miami received its first-ever MIA disbursement from the project, totaling $5.25 million. Other cities expecting to benefit from this program include New York city with its NewYorkCityCoin (NYCCoin) and the city of Austin, Texas with AustinCoin (ATX).
Cryptocurrency is here to stay in Miami. As crypto becomes more and more mainstream, we can expect to see many more transactions like this. Miami continues to steal tech talent from Silicon Valley, luring the best from the West with warmer weather and a lower cost of living.