In the latest bitcoin news, Baroness Michelle Michelle Mone is singing the praises of the “currency of the future,” as it will soon allow people to purchase new luxury properties. Mone is working with her billionaire boyfriend and partner Douglas Barrowman on a brand new venture that will have bitcoin usable as a payment for acquiring one of their Dubai luxury apartments. Based on this project, it may show the future value of bitcoin is going to be much more than what people believe, as Mone is also recommending people should be buying into the currency. However, there are still those who say “not so fast” when it comes to the concept.
As the Express reported, Baroness Mone and Barrowman are planning to make 150 of 1,133 homes in Dubai available for purchase with bitcoin as part of their newest venture. These properties will be the Aston Plaza & Residence apartments which Mone said are situated in the “Beverly Hills of Dubai.” Ahead of this virtual currency venture, Baroness Mone has built much of her fortune through the founding of British lingerie brand Ultimo. However, she believes strongly in the future of cryptocurrency, as she suggests that everyone should look to invest in the new currency. It’s even mentioned that she’s had her son and parents invest in the popular cryptocurrency, which relies on the blockchain technology.
The Baroness indicated that she likes the currency due to it being “easy for people to trade” with and also due to it being quick and stable in terms of making payments. Baroness Mone also added she doesn’t think there’s a bubble and wouldn’t back the concept if it was not something viable.
“We’re making money out of it. I’m a Baroness in the House of Lords, if there was anything untoward, I wouldn’t be doing it. I believe it’s the currency of the future.”
Her partner, Douglas Barrowman, is also clearly on board with the concept, as he is helping to launch the new Dubai apartment venture. Barrowman said he believes “everyone should have a little bit of exposure to bitcoin.” Barrowman suggested individuals could simply purchase one bitcoin, store it in a paper wallet offline, and forget about it for five years. He contends that they may be in for a nice surprise when they take a look in five years at the bitcoin value.
Bitcoin has already been used for a variety of different “real world” purchases. Wired reported years ago that one of the first noted bitcoin transactions saw a customer spend 10,000 bitcoins in exchange for two pizzas delivered by Papa John’s. Many local businesses in different states and even select online retailers are starting to accept the form of payment. Overstock is among one of the websites that accepts the payment now. There are even bitcoin ATMs popping up around the United States. Some of them even sell another currency called “Litecoin,” which is considered the silver to the gold standard bitcoin. Now, there’s luxury property in Dubai about to be sold that will make more history for the virtual currency.
The news of the first property development available for virtual currency arrives after bitcoin has seen a large run up over the past year. Charts at the popular website Coinbase suggest that bitcoin has surged $4,028 over the past year, giving it a whopping increase of 659.22 percent. The currency has moved upwards by over $1,200 in just the past month, and one bitcoin was headed for the $5,000 mark about a week ago. The value of the future currency is clearly there, and it seems that mainstream individuals are becoming more and more attracted to the notion of bitcoin as well as “altcoins,” which are other unique and independent forms of cryptocurrency based on the blockchain.
A chart posted on the MarketWatch Twitter profile shows the explosive rise in the value of bitcoin as it has climbed from below $1,000 per bitcoin to nearly $5,000 per bitcoin this past year. Many of those who praise the possibilities of the virtual currency believe that $5,000 will be blown away by bigger price points in the future. That remains to be seen, although it’s hard to argue that the currency is gaining some traction and becoming popular with the mainstream.
While Mone and others are in favor of the new currency, there are also detractors popping up. On Wednesday, Brett Arends of MarketWatch offered an opinion piece suggesting that it may be the “beginning of the end” of bitcoin, Ethereum, and other cryptocurrencies. Arends cites the recent “Chinese crackdown” against bitcoin and “initial coin offerings” as reasons to be cautious toward investing one’s real money into the virtual currencies of the world.
Not only that, he suggests that governments could increase their restrictions towards individuals trying to trade these currencies as the virtual money also allows more nefarious individuals to operate. Amends suggests that cryptocurrencies are no safer than gambling companies that were situated outside of the United States which were shut down at one point. Basically, there are plenty of dangers involved with investing in an experimental new virtual form of money. The future of business and how money is regulated around the world certainly threaten many entities who believe in the status quo.
Still, if one trusts in the business and economic senses of multimillionaire Baroness Michelle Mone and billionaire boyfriend Douglas Barrowman, cryptocurrency may be worth a second look. If you have 50 bitcoins, they also may have a new place to sell you.
[Featured Image by Dan Kitwood/Getty Images]