China's Crypto Millionaires Are Using Bitcoin to Buy Real Estate Abroad
The chives growing in one crypto tycoon's California mansion carry a hidden message.
Guo Hongcai, a beef salesman turned early bitcoin adopter from China's Shanxi province, is one of many freshly minted millionaires funneling parts of their wealth out of the country by purchasing real estate abroad.
In April, Hongcai sold 500 bitcoin in the U.S. then used that money to buy a 100,000-square-foot mansion in Los Gatos, a 90-minute drive from San Francisco, California. His Rolls-Royce, also purchased with the fruits of bitcoin arbitrage, sits in the driveway close to a small chives garden.
"It's very normal to sell bitcoin in the U.S. After selling bitcoin, you can just buy anything you want," he told CoinDesk.
https://www.coindesk.com/china-bitcoin-crypto-millionaire-real-estate/
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Topic: [2018-07-21] China's Crypto Millionaires Are Using Bitcoin to Buy Real Estate (Read 110 times)
July 21, 2018, 08:47:12 AM
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