- First sale of high rise apartments for Bitcoin (BTCUSD on xStation5) will take place in Dubai
- Bitcoin is slowly but surely nearing its all-time high
- Bank of Russia cools down Bitcoin buyers’ exuberance
Virtually all key digital currencies are rising during today’s session but all of them are quite a long way off from their last week’s peaks. Let’s remind that Monday brought on a massive sell-off after the report coming from China. However, when the dust settled, investors rushed to buy cryptocurrencies once again.
Today we got the story of note from Dubai which could be seen as Bitcoin-positive. Cutting to the chase, two businessmen (Baroness Michelle Mone and Douglas Barrowman) have announced the sale of 2.4 million square feet of Dubai residential property will be sold for Bitcoin. The residential 40-storey tower apartments will be the first properties located in Dubai’s Science Park priced and sold for a cryptocurrency settlement. Having regard to how prominent the Dubai’s real estate actually is, that kind of story could strengthen usage of Bitcoin in that affluent country.
Moreover, we wrote about the Russian central bank reportedly approving the country’s first cryptocurrency exchange. Nonetheless, the overall backdrop could be a bit less beneficial. Namely, the Bank of Russia has issued a statement warning about the risks of digital currencies including Bitcoin as well as Initial Coin Offerings (ICOs). The central bank says it is premature to allow the circulation and use of cryptocurrencies within the financial infrastructure of Russia. Those remarks might give a rise to some confusion and challenge yesterday’s report from the Russian central bank.