To Burst or Not to Burst, That Is the Question

To Burst or Not to Burst, That Is the Question

  • Claire Groome
  • 02/26/21

Bitcoin, the confusing online money that we all assumed was created for drug dealers, mobsters, and anyone else who wanted to avoid the law seems to be on its way to mainstream adoption. Apart from the rebranding, it’s now referred to as a cryptocurrency financial institutions are scrambling to get into the bitcoin market, and there is even talk that it will replace gold as a global store of value. 

The Times They are a Changin'

The art world is also taking notice. On Thursday, February 25th, British auction house Christie’s began their auction of work by Beeple, one of the foremost digital artists. His last creation, an animated image, sold for $6.6 million on a crypto art marketplace. While newspaper headlines love pitting Elon Musk versus Bill Gates (and their differing opinions on bitcoin), the real news might be that prudent organizations such as Mass Mutual and university endowments at Yale and Harvard have been quietly buying bitcoin for months, if not years. The nation’s oldest bank, BNY Mellon, recently beat out JPMorgan and Goldman Sachs in the move into crypto. Mastercard, Visa, and even Apple Pay have all announced plans to support bitcoin as a form of payment. JP Morgan today recommended that high net worth clients put 1% of assets in bitcoin!

Since its creation in 2008 by a mysterious individual called Satoshi Nakamoto, bitcoin has had numerous ups and downs. The last bull market in 2017 ended with a resounding crash as the currency’s price dropped by 65%. Those heady days brought just a couple of crypto real estate deals to NYC. When I look around now though, it seems like there’s a new class of digital assets developing with an infrastructure to support them. 

I Hope You Will Join Me

What I do know is that I am learning as much as I can about this innovative technology and am exploring all the ways it will impact the real estate market; whether it could expand the circle of buyers or bring changes to navigating the tricky world of co-op boards. We don’t yet know what will happen with cryptocurrencies but, when the time is right, I will provide you with the same dedication to care and service as always.

Work With Claire

In choosing Claire as your agent, you are assured of the utmost attentive service with timely results, whether you are purchasing or selling a moderate or grander apartment.

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