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Billionaire real estate tycoon Rick Caruso has revealed that his company has invested in bitcoin for its vaults and will begin accepting the cryptocurrency to pay the rent of its properties. Elon Musk’s Tesla is among the tenants in one of his homes, Caruso said: We believe cryptocurrencies are here to stay.

Caruso follows Tesla’s lead, invests in bitcoin and accepts it as payment

Billionaire real estate developer Rick Caruso, known for his luxury outdoor malls, announced Wednesday on CNBC that his real estate company Caruso Properties has invested in bitcoin. She also said the company would begin accepting bitcoin as a form of payment for residential and commercial leases.

His Los Angeles-based company, founded in 1987, owns more than 2.5 million square feet of real estate, according to its website. The properties include town centers, homes, offices, outdoor shopping centers, apartments and a world-class resort. Among them is The Grove, which Mr. Caruso calls one of the largest shopping centers in the country. According to Forbes, Rick Caruso currently has a net worth of $4.2 billion. The Wall Street Journal calls him the retail king of Southern California.

The billionaire said his company is investing some of its money in bitcoin and has entered into a partnership with cryptocurrency exchange Gemini. He was quoted:

We believe cryptocurrencies are here to stay. We think Bitcoin is the right investment for us. We have highlighted a percentage of what normally goes into the financial markets in bitcoins.

Caruso will not only invest in bitcoin, but will also accept cryptocurrencies as payment from its customers.

Real estate billionaireCaruso Real Estate, including outdoor shopping centers and apartments. Source: Caruso property

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One of his tenants at the brand’s Americana center in Glendale is Elon Musk, a technician who runs a downtown store that sells Tesla electric cars, the L.A. Times writes. Caruso stated: I didn’t tell Elon. He could be the first pioneer to pay his rent in bitcoins.

Musk, the maker of electric cars, has also invested in bitcoin and adopted it as a means of payment. The company told the US Securities and Exchange Commission (SEC) in a statement that it had invested $1.5 billion in bitcoin in January. Then, in March, Tesla began accepting BTC as a form of payment. Although a growing number of companies are investing a certain percentage of their assets in bitcoin, not all of them have yet gone through Tesla and accept the cryptocurrency as a means of payment.

Caruso added that his company’s bitcoin boom is a long-term gamble:

It’s not about next year or the next five years. We look forward to the next decade.

The billionaire, real estate tycoon explained that the Covid 19 pandemic is bringing about fundamental changes in consumer behavior. He believes the companies that will win their loyalty are those that anticipate these changes and meet consumers where they are, and that’s where Gemini helps.

Caruso said one example of his company’s use of crypto-currencies is rewards for customers. Our loyalty program, which I assume works with the twins and Winklevoss, is to win a coin. They will earn cryptocurrencies, he described, adding that consumers can then spend them in our properties.

What do you think about Rick Caruso investing in bitcoin and renting it out in his area? Let us know your comments in the section below.

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Apartments, billionaire, Carousel Real Estate, Elon Musk, open malls, bitcoin payments, real estate, rental, housing, retail real estate, Rick Carousel, Tesla

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