A commercial real estate firm is selling what marketers say is the first nightclub priced in bitcoin and located in Miami-Dade's South Beach.
And James D. Silver, a partner at Kelley Kronenberg in Fort Lauderdale who is not involved in the sale, said it is important to take into account the volatility on both the buyer and the seller side to avoid potentially costly litigation in these types of purchases.
"If you're the buyer and you're paying in bitcoin, and between the time of signing the contract and the time the transaction closes, it goes way up in value or goes way down in value, that's a risk to the extent there is not an adjustment to the price at closing," Silver said. "The question for the parties: Are they going to assume that and at the same time have an upside? Or do they not want to take the risk of that volatility or the risk they get that downside?"
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Michael A. Mora
Michael was born and raised in South Florida. He went to undergrad at Florida Atlantic University and earned his master's degree from the Columbia University Graduate School of Journalism. He is the crypto litigation reporter for Law.com, as well as an editor for ALM Global. You can email him at [email protected].
