The last few weeks have been excellent with Bitcoin, with financial giants like Goldman Sachs and Morgan Stanley indicating plans to allow clients to gain exposure to the cryptocurrency, among other bullish developments.
And now, another mainstream development has indicated bitcoin’s rise. Per an L.A Times report from April 7, real estate giant Caruso, based in California, has announced that it will now accept rent payments in bitcoin and allocate part of its treasury reserves to BTC.
According to the report, this development was made possible through partnership between Caruso and cryptocurrency exchange Gemini. Rick Caruso, the CEO of the firm, noted his interest in bitcoin, saying that the asset is a “good hedge” that “has already proven to be a good investment for us.”
He went on to add that, though tenants of his firm’s properties were not requesting to pay their rent in bitcoin, the move was something he wanted to make as cryptocurrencies are becoming widely used.
He also revealed that the company has converted 1 percent of its treasury into the digital asset, without revealing a specific dollar equivalent.
Caruso is one of the first significant adopters of Bitcoin in the real estate market, joining a growing list of huge corporations and countries taking an interest in digital assets.
Particularly notable among this growing list is Tesla, Elon Musk's electric vehicle brainchild, with the company investing a stunning $1.5 billion into bitcoin and accepting the asset as payment.
Coincidentally, Tesla is a tenant of Caruso’s, meaning it might soon be making its rent payments on its Caruso-owned properties in BTC.
Tesla paying its rent in Bitcoin would signal a major milestone in bitcoin being used in larger, more transparent financial transactions. This gives investors hope that the cryptocurrency will soon be adopted across more fields of business.