What impact will it have on the industry when major New York City real estate companies begin adopting Bitcoin?

Bitcoin adoption is on the rise and major industries are starting to realize that Crypto is something they cannot ignore. As a result, major companies are taking steps to adopt Crypto payments.
After El Salvador adopted Bitcoin as legal tender, New York City began to adopt Bitcoin and took the real estate sector by storm.
A major real estate company in New York City has announced that it will sell some of its major properties for the purchase of Bitcoin, opening the deal to buyers from all over the world, including mainland China and Hong Kong.
Magnum Real Estate Group, a company based in New York City, USA, recently announced the sale of a three-bedroom apartment.
The company announced that it will accept Bitcoin as a form of payment for the property, a first for commercial real estate in New York City, and opened the sale to buyers from around the world.
The $29 million properties, if sold for Bitcoin, would be the most valuable properties ever purchased with Bitcoin.
The transaction will be processed by BitPay and will be charged a 1% fee, with the amount to be paid in the corresponding Bitcoin at the time of purchase.
Buyers of these properties will see immediate cash flow, given that they are already generating income, explained Magnum, which considers itself a pioneer in the industry in terms of bitcoin transactions.
Ben Shaoul, managing partner of Magnum, said: "We were pioneers in bitcoin transactions and we saw a path forward to use blockchain technology to enable more transactions."
Despite the slow pace, the real estate market has not been completely left behind by Bitcoin. There are a few real estate transactions that have already adopted Crypto.
The most notable of these was a $22.5 million beach house in Miami that was sold via Crypto, which is currently the most valuable property sold in Crypto.
Meanwhile, London’s most expensive penthouse, One Hyde Park, recently went on sale for $244 million, with users having the option to purchase it with Crypto.
Obviously, if it were sold in this manner, this would make it the largest Crypto real estate transaction in the world. All of these developments have had a significant impact on Crypto.
The Times reported that 40-year-old Vineet Budki bought a house in Dubai with Bitcoin. The Crypto miner bought the villa worth $1 million after he got into the mining industry in 2017.
Ben Shaoul said this will not be the only transaction the company will conduct this year using Bitcoin. The managing partner of Magnum Real Estate Group expects the company to conduct two or three more BTC transactions this year.
Real estate has long been the best performing investment in modern history. Now, with the addition of Crypto assets, its ability to increase in value seems even stronger.