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Michelle Mone behind luxury apartments ready for Bitcoin buyers

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  • 06/09/2017
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Michelle Mone behind luxury apartments ready for Bitcoin buyers
A new property development in Dubai, backed by entrepreneur Baroness Michelle Mone, will offer homes for purchase with cryptocurrency Bitcoin.

Around 150 of the 1,130 luxury properties at the £250m development can be bought with Bitcoin, which Mone described as the “currency of the future.”

Aston Plaza will be built in Dubai’s Science Park and encompass two towers of apartments, as well as a shopping mall. It is a joint venture between Mone, the founder of lingerie brand Ultimo, and her partner Doug Barrowman, a businessman and philanthropist, and is due to complete in 2019.

Mone told the Press Association that this development represents a world first. She said: “This is the first major development selling to the Bitcoin community. There has been one apartment here and there, one house here and there, but never a development. I think it is exciting for that world that two well-known, successful business people are backing it in a major development.”

Barrowman added: “We are the early adopters of the cryptocurrency to date and serious business people and the institutions are now looking at it. The next 5%-20% movement and adoption will take it mainstream, and then it becomes part of everyday life.”

Bitcoin is the world’s best known cryptocurrency, though its extreme fluctuations in value may prove problematic when it comes to purchasing property. According to XE.com the value of a single Bitcoin has moved between £3,213 and £3,499 in the last week alone.

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