More bitcoins Going to The 1% – Apartments in Dubai To Be Sold Using bitcoin

More bitcoins Going to The 1% – Apartments in Dubai To Be Sold Using bitcoin by Rory – The Daily Coin

With it now widely known that most of the bitcoin wallets in existence barely hold one full bitcoin, if you are lucky enough to have 30 or more bitcoins you can purchase an apartment in Dubai. If you want one of the nice apartments in the building, you will need to cough up 85 bitcoin. Assuming people will actually use their bitcoins to purchase one of these apartments, since most of the bitcoins are purchased as a speculative bet. This will further consolidate bitcoins into the top 1% of all bitcoin wallets. Remember, the top 1% of all bitcoin wallets have more than the bottom 99% of bitcoin wallets. It seems as if nothing has really changed. The rich will continue to get richer and the poor will continue along the same path as today.

Yes, there will be some new bitcoin gazillionaires, but for the most part, bitcoin will serve up new “riches” for the same people in this new wild-west as it does today in the fiat paper ponzi scheme.

Chart courtesy – click to enlarge

As the Telegraph reports

Michelle Mone made a splash when she entered the House of Lords. Offering fellow peers advice on underwear and nicknamed ‘Baroness Bra’, the lingerie tycoon was elevated by David Cameron while she served as his business tsar.

Now she is creating waves in the property industry with her new venture: selling homes in Dubai paid for using bitcoin.

This is the first property development ever to be sold using the virtual currency. Baroness Mone of Mayfair, who became a millionaire after founding the underwear brand Ultimo with her ex-husband, is launching it with her boyfriend, businessman Doug Barrowman.

It comes as the volatile cryptocurrency’s value has plummeted, with bitcoin down 20pc against the dollar in the last three days. Its price hit a record high of $4,700 last week, from around $1,000 at the start of this year.


A studio apartment in the complex starts from around 30 bitcoins, or $133,000, rising to 85 bitcoins for a two-bedroom flat. They come with access to a gym, swimming pool and residents’ lounge, and have views over the Dubai Hills and the city skyline. Source

Hey, brother, can you spare 0.00008 bitcoin, for a cup-o-coffee? Society will become even more harden, colder and zombified as the digital, cashless society takes root.

hat tip/smaulgld

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The Daily Coin

Rory Hall, The Daily Coin and Gospel News Network. Beginning in 1987 Rory has written over 1,400 articles and produced more than 500 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Gold Seek, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Dr. Warren Coates and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Gospel News Network to enjoy some of the best economic, precious metals, geopolitical and preparedness news from around the world.