China's Crypto Millionaires Are Using Bitcoin to Buy Real Estate Abroad
The chives growing in one crypto tycoon's Golden State mansion carry a hidden message.
Guo Hongcai, a beef salesperson turned early bitcoin adoptive parent from China's Shanxi province, is one amongst several freshly minted millionaires funneling components of their wealth out of the country by getting property abroad.
In April, Hongcai sold five hundred bitcoin within the U.S. then used that money to shop for a a hundred,000-square-foot mansion in Los Gatos, a 90-minute drive from port of entry, California. His Rolls-Royce, conjointly purchased with the fruits of bitcoin arbitrage, sits within the private road on the point of alittle chives garden.
"It's terribly traditional to sell bitcoin within the U.S. when merchandising bitcoin, you'll be able to simply purchase something you would like," he told CoinDesk.
Guo calls this secondary residence his "Mansion of Chives," as a result of the vegetable is additionally Chinese slang for crypto investors WHO prove at risk of massive sell-offs.
As Chinese regulators restrict on trade business on the land, crypto millionaires area unit turning to foreign property markets to diversify their holdings. Some purchase property directly with crypto, others like Hongcai use bitcoin to realize foreign currencies while not inquiring a bank.
The founders of 1 U.S. crypto property startup, WHO spoke on condition of namelessness, told CoinDesk roughly tierce of their prospective users hail from Asia, figures that embrace Chinese investors seeking tokenized property rights through urban center securities brokers.
According to the South China Morning Post, property purchased in urban center does not need identical taxes and documentation as different monetary assets command abroad. Chinese investment in foreign property, typically through urban center brokers, has been rising for years. currently early bitcoin adopters area unit utilizing new wealth for acquainted patterns.
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