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You can now buy Dubai property with bitcoin

Real estate Investors will soon be able to buy into a £250 million (AED1.19 billion) residential and commercial property in Dubai using bitcoin.

The property’s developers – the Knox Groups of companies – claim that the project will be the first major development to be priced in the virtual currency bitcoin.

Announced Wednesday by British entrepreneurs, Lingerie tycoon Michelle Mone and her partner Doug Barrowman, Aston Plaza and Residences spans more than 2.4 million square feet and is split across two 40-storey residential towers, according to a statement published on CNBC.

“Being a designer for 21 years, it’s a real passion of mine as the design side and it’s great to be partnering up as well to launch this. And this is the first major global development where you can purchase in bitcoin,” CNBC quoted Mone as saying.

Why bitcoin?

Barrowman, chairman of the Knox Groups of companies, told Business Insider that the project is pitched at investors who profited from the bitcoin boom and want to convert their digital assets into physical ones.

“Traders have made a lot of money out of crypto over the past few years, whether in bitcoin or Ethereum or other digital currencies,” Barrowman told Business Insider.

“We see the buyers of these apartments being people that want to re-deploy funds from the crypto-world into conventional world and there’s nowhere safer than bricks-and-mortar to do that,” he added.

Project to be ready in 2020

According to Business Insider, the site, located in Dubai’s Science Park, is currently under construction and scheduled for completion in 2020.

“An initial 150 apartments will be available for purchase from a total 750, ranging from studio apartments priced at £130,000 (AED 623,069) – currently approximately 30 bitcoins – to two-bedroom apartments priced at $380,000 (AED 477,464), or roughly 85 bitcoins,” it said.

Bitcoin hit a record high of $4,870 per unit on Friday, surging by more than 400 per cent so far this year.