2024-9-30 15:24 |
Popular investment influencer Gary Cardone has voiced regret over his choice to invest in real estate instead of Bitcoin.
On Friday, Cardone shared a video on X titled “Learn from My Mistake.” The footage shows him seeking shelter from the raging storm that has been battering Florida this week, severely affecting his home.
In the one-minute video, Cardone can be heard saying, “I mean it’s almost above the rail now it’s a foot and a half from the rail. I’ll lose all my electrics here in a little bit.“
He then makes a startling comparison. “Well I’ll tell you one thing; this is $72 Million worth of bitcoin right here. [If I had] bought Bitcoin with the same amount of money I spent to buy this house in October of 2020, this house that that would be $72 million and I wouldn’t be worried about the water or a flood or what my neighbor’s going to do.”
The video quickly gained traction within the crypto community, eliciting a range of responses. While some sympathized with Cardone’s plight, others joked about the awkwardness of his remarks amidst the hailstorm.
“Promoting Bitcoin in the middle of all that is savage!” one individual replied.
Interestingly, this incident occurred just after Cardone listed the same property on Propy, a blockchain-based real estate platform, for $42 million in July.
At the time, Cardone had expressed enthusiasm for blockchain technology in real estate, stating, “We are all in on blockchain revolutionizing real estate. We are leveraging top-tier technology to make transactions seamless and unstoppable. This is the future of real estate, and we’re leading the charge!”
That said, Cardone’s situation has reignited discussions about real-world factors, suggesting that Bitcoin might be a more advantageous investment than real estate.
Notably, prominent Bitcoin advocate Michael Saylor has long argued for Bitcoin’s superiority, emphasizing its portability and global appeal.
“Bitcoin represents the apex of property rights for humanity. I’m not disputing a government’s right to impose taxes—after all, they can tax your gold, stocks, bonds, or even your income.” Saylor noted in a recent interview.
“However, you’re far more likely to be taxed on assets you encounter daily. With cryptocurrency, you can easily relocate your assets to a different jurisdiction, but you can’t physically move a ranch in California.” He added, highlighting the ease of moving and liquidating Bitcoin compared to physical real estate.
This discussion echoes remarks made by Pavel Durov, co-founder and CEO of Telegram, who revealed in an April interview that he has held several hundred million dollars in cash or Bitcoin for the past decade. When questioned about his absence of traditional investments, Durov stated, “I don’t own real estate, jets, or yachts. I prefer to focus on what we are doing with Telegram,” indicating his preference for avoiding the constraints of physical assets.
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