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A Dubai businessman is pledging to buy 100,000 Bitcoin worth up to $4.8 billion as part of a new company strategy. To put that into perspective, it’s the largest BTC investment of its kind in the world.
Khurram Shroff, the Chairman of Dubai’s IBC Group, a noted Arab Whale, and the poster child of Blockchain technology in the Middle East and Asia, has pledged 100,000 Bitcoin (current value of USD $4.8 Billion) to setup the Miami 2.0 Blockchain Strategy Foundation and many other related Joint Venture Projects.
Mr. Shroff’s backing of Miami 2.0 Blockchain Strategy could turbo-charge use of the cryptocurrency, which is estimated to transact USD $200 Billion per day, by the end of 2021.
The pledge by IBC group, the largest in Bitcoin history, will be significant in facilitating the digital-currencies adoption across multiple industries and critical in aiding Miami’s vision to integrate Bitcoin in everyday transactions.
An avid supporter of Ethereum 2.0, Khurram Shroff was instrumental in its beacon chain reaching the required threshold for its launch in November 2020. As of the date of this article, the beacon chain has more than USD $5 Billion worth of Ether staked to secure the Ethereum Proof of Stake (ETH2.0) to enable decentralized finance, including DeFI and DaPPs.
IBC Group was recently approached by landmark U.S based real-estate developer Burkhan World Investment LLC, to increase the adoption of the blockchain technology in Real Estate and to enable efficiencies in government and private sectors.
“Making the largest Bitcoin investment in history is proof of our commitment to assisting cities adopt Blockchain, which we see as the key to enabling widespread adoption,” reiterated Khurram Shroff.
Burkhan currently has over US$1 billion worth of Real Estate projects in Miami in its pipeline that are being empowered with technological innovation. “Enabling investment into Real Estate utilizing Bitcoin as a collateral asset will further enhance its use case as a tool to create a hybrid investment vehicle for BTC holders,” said Shahal Khan, Burkhan’s CEO and Founder, “Economical debt coupled with a favorable hedge for BTC holders in stable long-term assets such as Real Estate, are a double win for digital currency holders as well as developers and property owners.”
Inspired by Miami’s Mayor Francis Suarez’s commitment to blockchain, both IBC group and Burkhan are looking forward to being a part of Miami’s strategic tech vision. In a recent interview, while talking about integrating bitcoin into certain government transactions, Mayor Suarez said, “Cities like Miami, we’re trying to attract tech town. It’s part of a larger play to position Miami as one of the most tech-forward cities in the country.”
In other breaking Bitcoin News today:
MicroStrategy Purchases Another $1 Billion Worth of Bitcoin
Business intelligence firm MicroStrategy increased its Bitcoin (BTC) holdings by 27% on Wednesday after purchasing an additional 19,452 coins, taking its total haul to 90,531 BTC.
Announced on the company’s website on Wednesday, the coins were reportedly purchased for approximately $52,765 per coin, equating to an outlay of just over $1 billion.
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