Find Real Estate Agents and Homes for Sale


Real Estate News --> Florida News

Bitcoin fever hits US real estate market


Miami: Bitcoin fever has hit the US real estate market, especially that of Florida, offering foreign investors a way to dodge currency controls at home and US economic sanctions. As of the end of last year, the digital currency was listed as a way to pay ...


Archived Story

"This seems to be driven by international investors who are circumventing inefficient banking and currency controls at home, and by US cryptocurrency enthusiasts," Evans told AFP. "The governments in those countries restrict the amount of money that their residents are allowed to transfer abroad through the banking systemBitcoin enables individuals there to bypass such restrictions," he added. This could be a draw for investors, who even before the bitcoin rage were already hot on the real estate market in south Florida. Nearly half of all foreign buyers of property in south Florida are from Latin America. According to the National Association of Realtors, over the past five years, investors from Venezuela, Brazil and Argentina -- in that order -- have led purchases in this part of the state. Bitcoin offers another advantage for some foreign investors: it lets them dodge US economic sanctions. Evans cited the example of Venezuela, which imposes strict currency controls and is enduring runaway inflation that surpassed 2,600 per cent in 2017. What is more, many senior officials in the government of Venezuela's President Nicolas Maduro have been hit by sanctions imposed by Washington, which considers his administration a dictatorship. It is an open secret that money laundering fuels the real estate market in south FloridaBut instead of hiding the practice, bitcoin could have the opposite effect. The crypto currency "is a terrible medium for large-scale money laundering, because all bitcoin transactions are recorded in the publicly available transaction record known at the Blockchain," said Evans. Although bitcoin has been associated with the drug trade and cyber attacks, Blockchain "leaves a lot of fingerprints," former Florida representative Jose Felix Diaz told Politico. "So if you're using it for illegitimate reasons, the state and the federal government should have every tool at their disposal to go after you," Diaz said. Last year, Diaz sponsored a bill-turned-law that includes bitcoin in Florida's laws for fighting money laundering. Real estate agent Parker also said money laundering via bitcoin is far from posing a risk because "the beneficial owners of the real estate are always going to be able to be traced." Parker said the fad of doing real estate deals in bitcoin could be as volatile as the currency itself. "I think it's a gimmickThere's not much riskThe only risk is if the currency crashes before you can liquidate it," said Parker. "I think the people that are using bitcoins to try to market their properties are doing it with the very purpose of getting you to write about it, getting their properties exposure," said Parker. You Might Like Kodak's stock doubles as it unveils cryptocurrency 'KODAKCoin' Regulators take different approaches to bitcoin in Asia South Korea to impose new curbs on cryptocurrency trading Bitcoin rises 10 percent, recovers from last week's brutal selloff 'Virtual gold' may glitter, but mining it can be really dirty //$('.bxslider').bxSlider({ // pagerCustom: '#bx-pager' //}); slider = $('.bxslider').bxSlider({ pagerCustom: '#bx-pager', onSlideAfter: function () { $('.slide-number').text((slider.getCurrentSlide() + 1) + ' of ' + slider.getSlideCount()); } }); { "@context": "http://schema.org", "@type": "NewsArticle", "headline": "International Business: Bitcoin fever hits US real estate market", "image": ["gdnimages/20180114/20180114085218wire-2069678-1515902609-509_634x405.jpg"], "datePublished": "2018-01-14 08:53:00", "articleBody": ""Bitcoin accepted" is a message now seen in the description of homes for sale in the Miami area." } document.write(''); More International Business Airbus sprints from behind in bid to upset Boeing order lead Ambani: RIL to be among top 20 global firms Apples Tim Cook gets 47 per cent salary bump and private jet for travel Bitcoin exchange Coinbase allows trading in Bitcoin Cash Bitcoin goes on wild ride and it may only get crazier Bitcoin rises 10 percent, recovers from last week's brutal selloff Bitcoin slips below $14,000, down 30 pct from record peak Bitcoin suffers dramatic price plunge in Asia BNY Mellon freezes $22 billion of Kazakhstan assets China 2018 transport infrastructure spending to be similar to 2017 document.write(''); if (!document.cookie || document.cookie.indexOf('AVPDCAP=') == -1) { document.write(''); } NEWS BAHRAIN MIDDLE EAST WORLD BUSINESS BAHRAIN MIDDLE EAST INTERNATIONAL SPORTS FOOTBALL CRICKET F1 OTHER SPORTS ENTERTAINMENT HOLLYWOOD BOLLYWOOD TV CELEBS REVIEWS LEISURE SCENE CINEMA TECH TALK HEALTH MOTORING OMG OPINION LETTERS COMMENT EDITIONS BAHRAIN SAUDIARABIA UAE KUWAIT OMAN MIDDLE EAST ePAPER CLASSIFIEDS ADVERTISE TERMS OF USE READERS POLICIES PRIVACY POLICY ABOUT US CONTACT US GULF DAILY NEWS P.O.Box 5300, Manama, Kingdom of Bahrain NEWSROOM Phone: +973 17 620 222 Fax: +973 17 622 141 Email: gdnnews@gdn.com.bh ADVERTISING Phone: 973 17 293 131 Fax: +973 17 293 400 Email: alison.lillywhite@tradearabia.net CLASSIFIEDS Phone: +973 17 299 110 Email: classifieds@tradearabia.net SUBSCRIPTION Phone: +973 17 290 000 Email: gdnhd@tradearabia.net

Trending Florida News:


  • Home prices, confidence, incomes all rise in Florida and nationally
  • Real Estate Rumors: Scripps, Piedmont, Empire State
  • Tampa no. 6 in real estate searches
  • Florida’s Brightline launches real estate company
  • Florida Realtor® Magazine Wins Top Awards
  • New Yorker buys the Palace Bar building on Ocean Drive for $15M
  • Feds renew crackdown on dirty money in Miami real estate
  • Homeowners Are Now More Inclined To Conduct Their Own Sales Within South Florida
  • Spring home selling season off to good start in South Florida
  • Florida Crystals unit plans 350 apartments in downtown Boca Raton
  • USAA Real Estate buys $88 M Bank of America Plaza in downtown San
  • Opportunities On The Florida Real Estate Market Are Ideal For Home Buyers And Investors
  • This Is What Happened During The Florida Real Estate Bubble
  • Malls in Florida are bucking the trend
  • Brown Harris Stevens Acquires Miami's Avatar Real Estate Services
  • Fort Capital Management: Bullish on Miami
  • Claridge Hotel in AC sold, will run without casino
  • Near 800% increase on test, FL teachers repeatedly fail
  • Positive Trends Florida Real Estate Market Continues Its Hot Streak At 39 Months And Counting
  • Elliott, partner indicted in alleged $164-million real estate scam