A Look Into Dubai’s Bitcoin Tower, Propelling Crypto Innovation

Sahana Kiran
Source – Unsplash

The world’s largest cryptocurrency, Bitcoin [BTC] has had an impeccable journey despite increased hostility around the asset. Now, the king coin is ascending upwards, quite literally, with this tower that is being constructed in UAE’s heart, Dubai.

UAE’s drive towards the crypto industry is commendable. While the U.S. has maintained a strict approach towards cryptocurrencies, the UAE has wholeheartedly embraced the world of crypto. In a similar move, a developer based in Dubai has made an innovative decision to construct a new hotel chain modeled after the iconic Bitcoin symbol. This unique venture will manifest as a 40-story high-rise, representing a real-life Bitcoin tower.

Earlier this week, Salvatore Leggiero, the developer behind the Bitcoin Tower, announced the official launch of the Bitcoin Tower project. The event took place at the Bella Restaurant Lounge in Dubai. Prominent designer Simone Micheli took on the role of host, leading the exclusive event that centered around architecture and design. Leggiero and Micheli went on to showcase their collaboration for the Bitcoin Tower.

During the presentation, Leggiero and Micheli placed great emphasis on the innovative nature of their alliance. They showcased not only a physical building but also a metaverse version of the Bitcoin Tower. This upcoming tower is the result of Leggiero’s passion for real estate merged with his newfound interest in Web3 technologies.

While the specific location of the Bitcoin Tower is yet to be revealed, Leggiero has expressed interest in securing a property near Sheikh Zayed Road. This iconic road is known for being home to the famous Dubai Skyline. Therefore, it is considered an ideal location for the construction of the Bitcoin Tower.

Bitcoin Tower will be an open project

Furthermore, Leggiero noted that he wants Bitcoin Tower to be an open project. He also highlighted the possibility of creating a decentralized autonomous organization [DAO] for the project. He added,

“We will receive many many inputs from the community because Bitcoin Tower must be an open project, like what Satoshi Nakamoto teaches to us.”

Bridging the gap

With their innovative approach, the duo aims to bridge the divide between the physical and digital realms, acknowledging the evolving landscape of the modern era. However, the execution of such a project took a considerable amount of time. Elaborating on the same, Leggiero said,

“I spoke with many crypto experts, but with all due respect, they don’t understand so much regarding real estate. And, I spoke with many many important developers also in the city but with all due respect, they don’t understand crypto.”

This move could certainly aid Dubai’s inclination towards crypto. The real estate sector in Dubai has been experiencing a significant boom, with property sales projected to exceed $82 billion in 2023. By merging the worlds of crypto and real estate through projects like the Bitcoin Tower, Dubai has the potential to leverage the benefits of both sectors. Leggiero further added,

“I have something that I think gives the idea of this evolution of real estate and revolution of the market of hospitality. Bitcoin Tower will be the first of a chain. This is what I dream.”