Compared to a few years ago, the number of people using cryptocurrency to pay for housing has increased by 240%, and the integration between Web3 and real estate has become closer. From November 7 to 8, 2024, the blockchain real estate platform Propy held the Propy Web3 & Property Rights Summit at the Miami Beach Convention Center, aiming to discuss with industry leaders how Web3 technology can develop rapidly in the real estate field.
Propy is a global real estate innovation service platform that uses AI and blockchain technology to simplify and accelerate real estate transactions (including bids and payments), as well as property records and transfers. Propy also provides cryptocurrency-certified real estate agency services, and users can use its suite to handle all transactions from electronic signatures to payments in one easy-to-use solution. Propy's end-to-end solution makes buying, selling and transferring real estate faster and safer, changing the traditional real estate industry by improving transparency and automation, allowing anyone, anywhere to use cryptocurrency for real estate transactions.
The Propy Web3 & Real Estate Summit attracted founders from SkyBridge Capital, Draper Associates, Coindesk, Milken Institute, U.S. senators, and real estate investors. These economic, technological, and political leaders shared their views on the U.S. real estate market and trends, space resources and housing property rights, and the opportunities and challenges of the cryptocurrency industry after the U.S. election. They also discussed how technology, digital assets, and property rights can reshape the economy and even geopolitics. The relevant content is as follows:
A New Perspective on Bitcoin Reserves and Property Rights
U.S. Senator Cynthia Lummis reiterated at the conference that the United States needs to lead the adoption of Web3 and proposed the establishment of a Bitcoin reserve. She said: "We can start by retaining the 200,000 bitcoins [about $14.5 billion] that the United States already holds and use it as a safeguard against economic instability." Cynthia Lummis's vision is closely related to a broader movement, namely decentralized finance and property rights, which aims to promote the creation of a new economy on the chain.
CoinFund and CFTC advisors Chris Perkins and SkyBridge Capital’s Anthony Scaramucci reiterated their commitment to bipartisanship in the U.S. to connect Wall Street, institutional finance, and global capital markets to support a tokenized economy.
Web3 Vision: A World Without War
Economist and property rights advocate Hernando de Soto proposed a powerful concept at the conference: a world without war through secure property rights on the chain. He hopes that this vision will be based on the concept of clearly defined and widely accessible property rights (including land and mineral resources), which can prevent disputes between countries over valuable resources and reduce conflicts. The system proposed by Hernando de Soto will use blockchain to ensure that ownership and rights are clear, universally accepted and not easily manipulated, laying a stable foundation for long-term peace.
Space resources and property rights
Delian Asparouhov (Founders Fund, Varda) shared his optimism about the recent US election, and envisioned a future where a pro-space, pro-crypto government could ensure the security and rights of nations and citizens in space. Delian Asparouhov discussed in a forward-looking manner how property rights could be extended to include resources mined from space, ensuring that these resources are kept by the people, not controlled by any one nation, and certainly not monopolized by state-driven economies, and that those who work in this space now will determine the rules of the future.
Miami to become new tech hub
Miami Mayor Francis Suarez, Delian Asparouhov and other speakers highlighted the emerging tech competition between Miami and San Francisco as tech hubs and cities. While Silicon Valley has long been the center of innovation, under the leadership of Francis Suarez, Miami has positioned itself as a real estate, crypto innovation and free economy capital. Francis Suarez said he regularly tracks the crypto market and that he himself uses Bitcoin to buy a house, so he will continue to support the technology.
A bright future for real estate and privatization
Mike Piwowar, former acting chairman of the U.S. Securities and Exchange Commission and advisor to Propy, discussed potential changes in title and financing, specifically mentioning the privatization of Fannie Mae and Freddie Mac that U.S. regulators are discussing. Mike Piwowar believes that blockchain can support an efficient, citizen-centric mortgage market and promote labor mobility as home purchases become automated and more affordable.
Blockchain and AI: The cutting edge of American innovation
Senator Cynthia Lummis also spoke about the intersection of blockchain and artificial intelligence (AI), noting that both areas have been the focus of recent U.S. legislative efforts, adding: “Congress has no right to legislate on topics they don’t understand out of fear.” Additionally, several summit participants, including Propy consultant Michael Casey, said some people believe that AI is a new threat to property rights, but that won’t be the case if decentralization is in place.
Conclusion: The Way Forward
Whether it’s through the creation of the U.S. Bitcoin Reserve, putting real estate and mineral rights on the blockchain, private property rights in space, or the privatization of major financial institutions, industry leaders gathered in Miami at the Propy Web3 & Real Estate Summit to express a common vision: we need an economy and a world empowered by innovation and a commitment to prosperity and peace.
Propy Web3 & Property Summit attendees, along with industry leaders from the technology and economics fields, are working together to build a world with truly decentralized property rights where everyone is in control.
