Will Dubai deals turn into a house of cards?

Will Dubai deals turn into a house of cards?:

"Those who have made a killing on bitcoin this year may be looking for somewhere to deploy their cash winnings. At the time of writing in mid-September, the cryptocurrency was up more than 300 per cent against the dollar since the start of 2017. I would be loath to speculate where it will be by the time you read these words, given its habit of moving 5 per cent or more in a day. For those looking for somewhere less volatile to park their cash, a British underwear tycoon is offering a solution. Michelle Mone, known for her Ultimo bra empire, has apartments in Dubai for sale in the cryptocurrency. “Don’t miss out on the chance to realise your bitcoin gains with a good quality, appreciating asset,” urges the website for the project, Aston Plaza & Residences. The scheme uses the payment processor BitPay to spare bitcoin buyers the inconvenience of converting their digital currency into a regular government-backed currency such as dollars. This helps buyers because the bitcoin exchange market is illiquid and volatile, so such conversions must be carried out gradually over time and might still result in a very different dollar sum to the one the owner of the cash expected."



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