The southern portion of the San Francisco Bay area, which is nicknamed Silicon Valley, is filled with technological innovators. However, the premium real estate prices and high cost of living make this promising area difficult for young investors. A few forward thinking young people have started a group residence that provides lodging for those working in cryptocurrency. The Crypto Castle is quickly becoming a meeting place for the brightest minds in cryptocurrency.
Crypto Castle Provides Much Needed Homes for Bitcoin Investors
From the outside, the home of several Bitcoin investors just looks like one of the many other San Francisco townhomes. It has three stories, five bedrooms, and a tidy blue and white exterior. However, the inside reveals the unique properties of the home that is now referred to as “The Crypto Castle.”
A clever arrangement of bunk beds allows up to eight people to live comfortably within the home, so even those without funding can afford to live in San Francisco and work with their colleagues. At the top of the Crypto Castle is a huge common room, complete with a fireplace and floor to ceiling windows. The home is worth roughly $3 million, but the tenants can all afford it by splitting the rent.
The Crypto Castle was started by Jeremy Gardner, the cofounder of a Bitcoin prediction market called Augur. It houses other top names in the field such as Vitalik Buterin, the creator of Ethereum, Toni Casserly, the CEO of an online cryptocurrency magazine named CoinTelegraph, and Alex Voto, a researcher on the socio-economic effects of Bitcoin. The focus on finances and technology allows the roommates to collaborate and bounce ideas off of each other.
Bitcoin Entrepreneurs Remain Hopeful Despite Drop in Value
Most of the people in the Crypto Castle focus primarily on Bitcoin because it is the most widely used form of cryptocurrency. Bitcoins are regularly generated with encryption techniques that create unique units of currency. They were originally just used to buy items online, but as the public interest in Bitcoins increased, the value soared. At first a single bitcoin was worth less than a single cent, but it soared all the way to $1000 per bitcoin in 2014.
Many of the Crypto Castle residents were interested in bitcoins before the price spike made them common knowledge. Most of them see bitcoins as a universal currency that could hopefully united the finance world and create a more stable form of money. However, bitcoin values started to drop after the Silk Road bust that revealed an underground website where users could buy drugs with bitcoins. Bitcoin was associated with fraudulent and illegal activity, so it lost quite a bit of its reputation.
During these dark days, advocates of cryptocurrency struggled to convince others of the merits of digital money. Many of the Crypto Castle residents needed the cheap lodging because they invested their money in Bitcoins. However, the value of the bitcoin is starting to increase once again due to devalued real world currency. Most Crypto Castle members have high hopes for 2017 since bitcoins reached record values in early 2017.
The Crypto Castle’s Next Steps
The residents of the Crypto Castle are always changing as people move on to bigger things and new cryptocurrency enthusiasts move in. However, old residents still come back for the Crypto Castle’s signature parties. It provides a much needed living space for those down on their luck while helping Bitcoin innovators to make valuable industry connection. The home packed with roommates may seem laid-back, but some of these residents could end up changing the world.
Image source: 1