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Denis Smykalov - Wolsen Real Estate - Bringing Cryptocurrency to the Miami Real Estate Market

Cryptocurrency transactions are slowly gaining momentum as accepted forms of payment. These exchanges attract real estate professionals, buyers, and sellers. Among them is Russian-born luxury real estate agent and broker Denis Smykalov.

Wolsen Real Estate, Smykalov’s real estate brokerage in Sunny Isles Beach, Florida, has recently conducted several cryptocurrency transactions.

The properties include Cipriani Residences Miami, the first-ever Cipriani-branded, 80-story condo tower in Miami’s trendy Brickell neighborhood; a three-bedroom unit for $5,450,000 in cryptocurrency at the St. Regis, the city’s tallest project with two luxurious oceanfront towers; and pre-construction at Waldorf Astoria for over $2,500,000. Smykalov and his team have also sold five reservations at the Bentley Residences totaling $28,340,000.

“Many sellers are seeing this trend have staying power and are open to accepting cryptocurrency as payment,” says Smykalov.

Traditional transactions, like cash sales, aren’t as efficient as direct cryptocurrency transfers. A direct sale eliminates the endless paperwork synonymous with real estate closings, while the 30-day loan and 14-day inspection contingencies are no longer necessary.

“Crypto is accessible to buyers and sellers, especially those who do not live in the U.S.,” Smykalov says. “International fees and wire transfers are no longer a worry for international buyers.”

Smykalov moved to the United States at age 20 and spent his first year in North Carolina’s charming Outer Banks. Then, he quickly decided the stillness wasn’t for him and set off to Miami.

So why Miami? It’s a cultural and technological hub with numerous locales, warm weather, and tax benefits. Mayor Francis Suarez is one of the few politicians to accept a salary in Bitcoin.

“Crypto millionaires and billionaires are flocking to Miami, and the luxury real estate market is hot,” says Smykalov. “This is just the beginning of the future of what cryptocurrency can buy.”


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