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Billionaire real estate tycoon Rick Caruso (Rick Caruso) revealed that his company has invested in Bitcoin for the Treasury and will start accepting the cryptocurrency to pay rent on his properties. Elon Musk’s Tesla is a tenant of one of his properties. Caruso said: “We believe that cryptocurrencies will continue to exist.”
Billionaire real estate developer Rick Caruso (Rick Caruso) announced on CNBC on Wednesday that his real estate company Caruso Properties (Caruso Properties) has invested in Bitcoin and is known for billionaire outdoor shopping malls. In addition, he said, the company “will start accepting Bitcoin as rent payments in its residential and retail properties.”
His company was founded in 1987 and is headquartered in Los Angeles, with more than 2.5 million square feet of real estate assets, detailed information on its website. Its properties include town centers, residences, offices, outdoor shopping centers, apartments and “world-class resorts.” These include The Grove, which Caruso describes as “one of the highest-income shopping and entertainment centers in the country.” According to Forbes, Rick Caruso’s net worth is currently $4.2 billion. The Wall Street Journal called him the “King of Southern California Retail.”
The billionaire stated that his company has invested part of its company funds in Bitcoin and has established a partnership with the cryptocurrency exchange Gemini. To quote him:
We believe that cryptocurrencies will continue to exist. We believe that Bitcoin is our right investment. We have allocated part of the funds that normally enter the capital market to Bitcoin.
In addition to investing in Bitcoin, Caruso’s company will also accept cryptocurrency as a payment method for its customers.
The Los Angeles Times pointed out that Elon Musk is an American tenant of the Glendale Brand Center, where he runs a store selling Tesla electric cars. Caruso said: “I haven’t talked to Elon. As a trailblazer, he may be the first person to use Bitcoin to pay rent.”
Musk’s electric car company also invested in Bitcoin and accepted it as a payment method. The company informed the U.S. Securities and Exchange Commission (SEC) that it had invested $1.5 billion in Bitcoin in January. Then, in March, Tesla began accepting BTC payments. Although more and more companies put a certain percentage of the treasury into Bitcoin, not everyone has followed Tesla’s full route and also accepted cryptocurrency as a means of payment.
Caruso added that his company’s involvement in Bitcoin is a long-term bet, noting:
Roughly not next year or five years. We look forward to the next decade.
The billionaire real estate tycoon explained that the Covid-19 pandemic has caused some fundamental changes in consumer behavior. He believes that “the companies that win loyalty will be the ones that can anticipate these changes and meet the consumers they are in, and this is exactly what Gemini is helping us do.”
Caruso explained an example of the use of cryptocurrency to reward his company’s consumers. “Our loyalty program (my idea with Gemini and Winklevosses is that you will get coins. He said you will get a cryptocurrency. He added that consumers can “spend on our properties.”
What do you think about Rick Caruso investing in Bitcoin and accepting his property to pay rent? Let us know in the comments section below.
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