Bitcoin, the digital currency at the center of some trade volatility after the Chinese government issued its clamp down order on the cryptocurrency, is surviving nicely, as prices rose above the $4,100-mark on Thursday. Believers in the virtual currency say that, in spite of several indications that government regulations are going to be part of its future, there are plenty of opportunities to use bitcoin now to purchase tangible assets.
Case in point – if you happen to have $2.9 million in bitcoin lying around in your virtual wallet, you could use it to buy a luxury, 5,000-square-foot, seven bedroom, 4.5-bath house situated next door to Robert Redford’s home in gorgeous Sundance, Utah, according to the Salt Lake Tribune (http://dtn.fm/6AScf). Kevin Adell, a media mogel who runs a religious broadcasting network headquartered in Michigan, placed his Sundance property on the market the conventional way but didn’t get any takers. So, now, he’s offering to take bitcoin – and a lot of them.
Based on Thursday’s market valuation, one bitcoin is worth $4,189.42, which translates into approximately 693 bitcoin for the mansion. Adell, whose home is advertised as a “river house” on bitcoin-realestate.com (http://dtn.fm/f2A2e), says a title company has been lined up to convert the digital currency into cash.
“We’ll look for a buyer who has accumulated bitcoins when they were worth $1,” Adell is quoted in the article. “Now that they’re worth $4,000, they can convert them into a tangible asset. This opens a market for those people.”
Bitcoin investors who don’t have quite that much can still find plenty of companies accepting bitcoin as payment for goods. Among the more well-known companies accepting the cryptocurrency are Microsoft, Reddit, Virgin Galactic, OkCupid, Expedia, Newegg.com, Steam (an online desktop gaming platform), the Libertarian Party, and Overstock.com. There are also plenty of smaller companies dipping their marketing toes into the cryptocurrency world by advertising their willingness to accept bitcoin (http://dtn.fm/2iweN).
Fidelity Investments, one of the world’s largest investment firms with $2.3 trillion in managed assets, said Thursday that the company has made several venture investments in bitcoin-related businesses. Fidelity’s chief executive, Abigail Johnson, said the firm is also looking at applications of blockchain technologies as it works with several leading universities (http://dtn.fm/wA5qe). Johnson, who is said to be a huge proponent of the digital currency, spoke publicly about Fidelity’s ventures into cryptocurrency earlier this year at Consensus, a bitcoin-themed conference in New York.
Bitcoin’s status as a top news maker will continue as regulation legalizing bitcoin exchanges comes online on October 1 in Japan. Following China’s recent ban on bitcoin exchanges, Japan has become the world’s largest bitcoin exchange market. Part-time Sundance resident Adell will be one of many people closely watching what happens as numerous nations around the globe begin to consider regulating bitcoin and other digital currencies.
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