Elon Musk is ready to accumulate Bitcoin. However, will he spend it? The Tesla CEO now has the ideal opportunity to pay his rent in bitcoin after its adoption by the real-estate firm that he uses.
After leading the way as a corporate pioneer in crypto adoption, Musk might be about to take the next step and start paying his rent in bitcoin (BTC). For now, no official announcement has been made by the “Technoking” himself. But, news broke on April 7 about a partnership between the Gemini crypto exchange, founded by the Winklevoss twins, and Los Angeles real-estate firm, Caruso Properties.
Caruso said that it will accept Bitcoin payments for rent at its retail and residential properties following the partnership. The company’s deal with Gemini also saw Caruso change around 1% of its treasury into BTC, according to reports by the L.A Times.
Caruso owns the property that hosts the Tesla dealership at the Americana, at Brand center in Glendale, California. Musk is a pioneer in the crypto space among those in the eccentric billionaire bracket.
After buying $1.5 billion worth of BTC, and then accepting bitcoin as a mode of payment for Tesla electric vehicles, could it be too much to expect Elon Musk to go ahead and pay his rent in the digital currency?
Owner Rick Caruso mentioned that there is no rush to pay rent using BTC just yet, but the investment that the firm had already made had turned out to be profitable. Caruso mentioned:
“I believe it’s a good hedge and has already proven to be a good investment for us.”
Caruso seems to be planning for the future by opening up his properties to prospective bitcoin buyers. He compared BTC’s adoption status to that of the credit cards 50 years ago. Credit cards are an odd and often un-trusted piece of technology that has now become commonplace in modern-day society. He added:
“I believe bitcoin and blockchain are going to be doing the same in the future. We want to be ahead of the curve.”
Co-founder and CEO of Gemini, Tyler Winklevoss, said that his firm was “thrilled” to see crypto usage extend to the real estate markets. Tyler believes that the move will benefit Caruso and its clients. He concluded:
“We are thrilled to partner with Caruso as they continue to push the real estate sector to new heights by embracing cryptocurrency for the benefit of both their customer experience and their business operations.”