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Billionaire’s Colorful Dubai Real Estate Company Now Accepts BTC and ETH

“Offering another transactional mode is exciting and we are pleased to recognize the value this technology brings to our customers,” said DAMAC Properties COO Ali Sajwani.

Dubai-based billionaire real estate developer DAMAC Properties has started accepting payments in Bitcoin (BTC) and Ether (ETH) for its luxury homes.

DAMAC Properties was founded by colorful billionaire Hussain Sajwani in 2002, and the company has done business across the Middle East, Canada and the UK. It also owns the high quality fashion and jewelry brands Roberto Cavalli and De-Grisgono.

Sajwani is known for his bizarre marketing tactics, like giving away free Lamborghinis to homebuyers. He also partnered with Donald Trump in 2013 to launch several Trump-branded golf courses in Dubai.

The company, valued at around $2.1 billion, may be looking to cryptocurrencies as a way to garner attention after a disappointing few years. DAMAC reportedly reported net income of $816 million in 2021, but overall had a net loss of $144.6 million amid a year plagued by the global pandemic. The previous year, the company’s losses also totaled $176 million.

According to an April 27 announcement, in addition to accepting payments in BTC and ETH, the company will also facilitate the conversion to fiat for the seller if needed. DAMAC COO Ali Sajwani noted that the company is paying special attention to evolving technology such as cryptocurrencies:

“It is crucial that global companies like ours remain at the forefront of evolution. Offering another transactional mode is exciting and we are pleased to recognize the value this technology brings to our customers.”

DAMAC also highlighted that Dubai is “becoming a cryptocurrency hub” thanks to crypto-friendly government regulations and virtual asset licenses, with major exchanges such as Bybit, Binance and FTX Europe recently settling there. Kraken also obtained a license earlier this week.

The company noted that it is keen to “fuel” Dubai’s ambitions by implementing more cryptocurrency initiatives.

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Mexico’s Third Richest Billionaire: Don’t Sell Your Bitcoin During Crash

The Mexican billionaire believes the price of BTC will rise further in the long term, stating on Twitter that those who “buy and hold” his assets “will thank you later”.

Bitcoin dropped to $37,300 on Monday before rebounding just above $38,000.

Ricardo Salinas Pliego, the third richest Mexican billionaire, said that the current drop in Bitcoin prices is to buy more BTC and not sell.

According to the billionaire, when prices drop like they did with Bitcoin’s recent drop below $40,000, it’s time to carry more cryptocurrencies. Investors, he noted in a tweet, will be better off hoarding than selling.

Salinas, founder of Mexico’s second-largest television network, TV Azteca, and business conglomerate Grupo Salinas, noted:

“You have to buy bitcoin (keep buying when the price is low), so keep your BTC, forget about selling… trust me, you’ll thank me later.”

Salinas was bullish on Bitcoin before, noting in December 2021 that fiat money was “fake” and “paper lies”.

Bitcoin price drops below $38K

The billionaire’s comments come at a time when Bitcoin has seen its value plummet in recent weeks after a bounce failed to gain momentum above $45,000. At the time of writing, the cryptocurrency is trading near $38,780, with intraday prices hitting lows of $37,300.

The bounce above $38,000 puts Bitcoin in a key support and resistance zone that one analyst is watching closely.

According to pseudonymous trader Credible Crypto, the week may see BTC-USD remain shaky, but a positive resolution from consolidation is possible. Otherwise, he noted, BTC is likely to hit lows of $36,200 and likely invalidate the bullish scenario.

“It will be a slow week in my opinion as we are stuck between key support (38-39k) and key resistance at 41-42k. I suspect we moved a little between these two levels, but eventually we resolved this consolidation to the upside. The hard invalidation for this idea is a 36.2k tap. “