The Globe and Mail Shirley Won Published January 18, 2021
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Famed U.S. investor Warren Buffett blasted bitcoin as “probably rat poison squared” a few years ago. Despite his comments and bitcoin’s trademark volatility, the world’s most popular cryptocurrency has been gaining more respect.
More U.S. institutions and notable investors – from Bill Miller to Paul Tudor Jones and Stanley Druckenmiller – own bitcoin as digital gold. U.S.-listed Microstrategy Inc. (MSTR-Q) and Square Inc. (SQ-N) have moved cash into bitcoin in their corporate treasuries, while Massachusetts Mutual Life Insurance Co. bought US$100-million in bitcoin for its general investment fund. Here in Canada, some fund managers are finding ways to offer investors exposure to this nascent digital asset as well.
Bitcoin has been on a roller coaster ride lately. The leading crypto-currency plunged as much as 21 percent from Sunday to Monday to as low as $32,389. The fall came just days after bitcoin soared 40 percent at the beginning of the new year to reach an all-time high of nearly $42,000.
TROY, N.Y. â One local cryptocurrency enthusiast is hoping to make the first Bitcoin-based real estate transaction in upstate New York.
With the recent rise in Bitcoinâs value and a strong area real estate market, veteran crypto holder Paul Paterakis is now accepting Bitcoin for property heâs selling in Troy.
The two-family residential home, located at 2336 15th St. in âThe Hillâ neighborhood of Troy, is listed at $170,000 or approximately 5 Bitcoins.
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The current price of 1 Bitcoin is valued at more than $34,000, at the time of publication. The exact price of the property in Bitcoin will be determined by market value at the time of sale.