Venture capital and real estate developers Ayre Group have announced the development of a new five star resort in Antigua, funded entirely by profits made through the appreciation of Bitcoin Cash.
The development will be located on the Valley Church beach and design work is already underway, with works scheduled to commence on site in late summer of 2018. The construction cost of the resort is expected to be in excess of $100 million, with 80 oversized studio suites as part of the hotel and 30 luxurious one bedroom suites as well as luxury townhouses and villas for sale.
Ayre Group CEO Calvin Ayre was appointed Special Economic Envoy to Antigua in August of last year, tasked with advising the government on economic cooperation and commerce between Antigua and Barbuda in the realm of blockchain technology. Ayre’s has a strong interest in cryptocurrency and supports the Bitcoin Cash (BCH) public blockchain ‘because its massive on-chain scaling can handle high volumes of micro-transactions with low transaction fees.’
The new Ayre resort in Antigua will accept Bitcoin Cash (BCH) at point of sale terminals on the properties, as well as through its online booking engine. Ayre selected Bitcoin Cash as it is the ‘only cryptocurrency that has low transaction fees and unrestrained scalability’.