Chinese Investors Buying Real Estate with Bitcoin
September 10, 2018 - China
Since Chinese regulators clamped down on the cryptocurrency industry in China last year, people who made their millions through cryptocurrencies are now turning to real estate markets across the world so that they can diversify their holdings.
Some of these newly made millionaires buy their properties directly with BTC, while others are converting their cryptos in the fiat currencies without going through a bank.
Guo Hongcai, a beef salesman turned early bitcoin adopter from China's Shanxi province, is one of many freshly minted millionaires funneling parts of their wealth out of the country by purchasing real estate abroad.
In April, Hongcai sold 500 bitcoin in the U.S. then used that money to buy a 100,000-square-foot mansion in Los Gatos, a 90-minute drive from San Francisco, California. His Rolls-Royce, also purchased with the fruits of bitcoin arbitrage, sits in the driveway close to a small chives garden.
"It's very normal to sell bitcoin in the U.S. After selling bitcoin, you can just buy anything you want," he told CoinDesk.
blog, Chinese investors, Chinese Millionaires