Billionaire Rick Caruso told CNBC that his company will soon begin accepting bitcoin as rent payment at its residential and retail properties. The real estate company has also reportedly invested a portion of its corporate treasury in bitcoin, entering into a partnership with Gemini, the cryptocurrency exchange.
“We believe that cryptocurrency is here to stay. We believe that bitcoin is a right investment for us,” Caruso said during an interview on CNBC’s “Power Lunch.” “We’ve allocated a percentage of what would normally go into the capital markets into bitcoin.”
Caruso owns a number of high-profile retail and residential properties, including The Grove in Los Angeles and The Americana at Brand in Glendale, CA.
“Cryptocurrency is going to be part of any 21st century retail and real estate experience,” said Tyler Winklevoss, CEO of the aforementioned Gemini, who appeared alongside Caruso on CNBC.
“Our loyalty program, what I envision in working with Gemini and the Winklevosses, is you will earn coin. You will earn a cryptocurrency,” Caruso said. “You can use that cryptocurrency on the blockchain then to spend at our properties. Check into our resort. When you live with us, pay your rent. We create this whole ecosystem.”