Trump International Hotel and Tower in Dubai will accept Bitcoin and other unspecified crypto assets for the purchase of real estate. The project will not be completed within five years, so details are somewhat limited.
While the Tower will have a hotel and club for tourists and temporary guests, crypto payments are available only for the purchase of condominiums. Units for permanent residence will be sold at prices ranging from 1 million to 20 million dollars each.
Trump's project in Dubai combines cryptocurrency and real estate
According to reports from The National, Eric Trump is the main representative of his family in this regard. The Trump Organization is building Trump International Hotel and Tower in Dubai, and Eric is its executive vice president.
He made several comments describing the plan to accept crypto payments:
"[The Tower] will be the first truly large-scale project that accepts Bitcoin, which accepts cryptocurrency for the purchase of units, and this really excites me because I love this world and I am deeply invested in it. I believe in cryptocurrency. When I see two worlds that I really love coming together, it is very exciting," said Eric Trump.
Trump mentioned Bitcoin as the asset that allows these purchases, but did not describe any other specific tokens. To be clear, the Tower will contain both a hotel and condominiums for permanent residency; only the latter can be paid for with cryptocurrency.
There is no obvious plan to use tokenized real estate strategies. Cryptocurrency will be used solely as a means of payment.
The Trump family is collaborating with Dar Global, a company listed on the London Stock Exchange, to launch this $1 billion project in Dubai. Two penthouses will have a price of $20 million, while other condominiums will be sold at prices ranging from $1 to $1.2 million.
If all goes according to plan, the Tower will open its doors in five years. Eric Trump is an influential member of his family's crypto ventures due to his involvement with WLFI. He is also on the Advisory Board of Metaplanet, further confirming his interest in cryptocurrency.
Eric Trump also plans to speak at Token2049 in Dubai, which may give him another opportunity to promote the project to potential buyers.
Dubai is an attractive location for Trump International Hotel and Tower, as it has a thriving real estate market and a growing crypto hub. Since construction is still in the early stages, details about the project are relatively limited, but it has several solid fundamentals. Its success could serve as valuable proof of concept for real estate development worldwide.#BinanceSquare #Write2Earn #Squar2earn #crypto #TRUMP $TRUMP