Guo Hongcai, a bitcoin millionaire from China, in April sold 500 BTC for US dollars and bought a 100,000 ft2 house in Los Gatos, California and a Rolls-Royce.
Hongcai is not the only crypto millionaire, who is interested in foreign real estate markets. Some businessmen buy houses directly with bitcoin or other cryptocurrencies, others sell their assets for foreign currencies.
According to the South China Morning Post, in Hong Kong real estate doesn’t require the same taxes as other foreign financial assets. In China investment in foreign real estate has always been popular.
According to CoinDesk, America and Great Britain are the most common locations among Asian crypto millionaires.