Trump International Hotel and Tower in Dubai will accept Bitcoin and other unspecified cryptoassets for real estate purchases. The project will not be completed within five years, so details are still quite limited.
Although the Tower will include a hotel and club for tourists and temporary guests, cryptocurrency payments will only be available for apartment purchases. Long-term residential apartments will be sold at prices ranging from 1 million USD to 20 million USD per unit.
Trump's Dubai Project Combines Crypto and Real Estate
According to a report from The National, Eric Trump seems to be the primary family representative in this plan. The Trump Organization is constructing the Trump International Hotel and Tower in Dubai, with Eric serving as its executive vice president.
He made several comments describing the plan to accept cryptocurrency payments:
"[The Tower] will be the first large-scale project to truly accept Bitcoin, accept cryptocurrency to purchase apartments, and that's really exciting to me, because I love that world and I'm deeply invested in that world. I believe in cryptocurrency. When I can see two worlds that I really love coming together, that's very exciting," Eric Trump stated.
Trump mentioned Bitcoin as an asset enabling these transactions but did not describe any specific tokens. To be clear, the Tower will include both a hotel and long-term residential apartments; only apartments can be paid for with cryptocurrency.
There are no clear plans to use a real estate tokenization strategy. Cryptocurrency will only be used as a payment option.
The Trump family is partnering with Dar Global, a London-listed company, to launch this 1 billion USD development project in Dubai. Its two penthouses will have a requested price of 20 million USD, while other apartments will range from 1 to 1.2 million USD.
If everything proceeds as planned, the Tower will open within five years.
Eric Trump is an influential member in the family's cryptoasset enterprises through his involvement with WLFI. He also sits on Metaplanet's Strategic Advisory Board, further enhancing his credibility regarding cryptocurrency interest.
Eric Trump will also appear at Token2049 in Dubai, which could provide him additional opportunities to promote the project to potential investors.
Dubai is an attractive destination for the Trump International Hotel and Tower due to its robust real estate market and emerging status as a cryptoasset hub.
As construction remains in early stages, project details are still quite limited, but it has a solid foundation. Its success could be a valuable testament for real estate development projects worldwide.
