Bitcoin Community Might Be The Future Of The Real Estate Market ‘The Beginning Of Something Bigger’ First | Personal finance | Finances
The managing director of One Bequia Storm Gonsalves plans to create the first bitcoin community in the Caribbean where goods, services and the houses themselves can be paid for using bitcoin. The properties in the £ 670,000 to £ 1.6 million range can be purchased using cryptocurrency equivalents with prices fixed to avoid price fluctuations during transactions. Mr Gonsalves said he was happy to be pioneering the technology and said other developers and countries were watching how he could replicate his achievements – and stated that this could be a perfectly normal thing for years to come.
A Bequia is to be built on the island of Bequia, which is just 18 square kilometers and is part of St. Vincent and the Grenadines.
Mr Gonsalves plans to build 39 luxury villas with shops, a clubhouse and other buildings that will accept Bitcoin as a form of payment.
Speaking to Express.co.uk, Mr Gonsalves was asked if his development could be bigger than just the bricks and mortar that make up development.
He said, “In any case, I think real estate developments that are put up for sale will become a very normal thing in the years to come.”
“At the moment we are pioneers of an alternative form of financing, we are also pioneers of a new type of marketing.
“Bitcoin’s market cap alone is over $ 1 trillion, and many of those purchases were made when Bitcoin was only $ 1,000.
“So there is a lot of wealth in the crypto market that can no longer be ignored – it’s just too big.
“It really hit the mainstream so I think what we’re doing will be part of everyday life in a couple of years.
While the cheapest property is for a two bedroom villa, which costs £ 620,000, Mr Gonsalves is considering building smaller and cheaper properties to expand the market.
The houses are also fully automated and equipped with the latest technology that can be controlled remotely.
Mr Gonsalves explains that the Caribbean is becoming the epicenter of cryptocurrencies as major banks pull out of the region and withdraw their services from the people who live there.
He explains that cryptocurrencies are one of the few ways residents can send money internationally, and the Caribbean has embraced it as part of everyday life.