From Bitcoin reserves to space resources and property rights, an overview of the Propy Web3 & Real Estate Summit.

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Overview of Propy Web3 & Property Rights Summit from Bitcoin Reserves to Space Resources and Property Rights

Compared to a few years ago, the number of people using cryptocurrency to pay for real estate has increased by 240%, and the integration between Web3 and real estate is becoming increasingly close. 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, aimed at exploring how Web3 technology is rapidly developing in the real estate sector with industry leaders.

Propy is a global real estate innovation service platform that utilizes AI and blockchain technology to simplify and accelerate real estate transactions (including bidding and payments), as well as property record and transfer processes. At the same time, Propy also offers cryptocurrency-certified real estate agency services, allowing users to handle all transactions from e-signatures to payments in an easy-to-use solution. Propy's end-to-end solution makes buying, selling, and transferring real estate faster and safer, transforming the traditional real estate industry by enhancing transparency and automation, enabling anyone to conduct real estate transactions using cryptocurrency from anywhere.

The Propy Web3 & Property Rights Summit attracted founders from institutions such as SkyBridge Capital, Draper Associates, Coindesk, and the Milken Institute, as well as U.S. senators and real estate investors. These economic, technological, and political leaders shared insights on the U.S. real estate market and trends, space resources and property rights, and the opportunities and challenges for the cryptocurrency industry after the U.S. elections. They also discussed how technology, digital assets, and property rights are reshaping the economy and even geopolitics, as detailed below:

New Perspectives on Bitcoin Reserves and Property Rights

U.S. Senator Cynthia Lummis reiterated at the conference the need for the U.S. to lead in the adoption of Web3 and proposed the establishment of a Bitcoin reserve. She stated, "We can start by retaining the 200,000 Bitcoins that the U.S. already holds [approximately $14.5 billion] and use it as a safeguard against economic instability." Cynthia Lummis's vision is closely related to a broader movement towards decentralized finance and property rights, aimed at promoting the creation of a new on-chain economy.

Chris Perkins from CoinFund and the U.S. Commodity Futures Trading Commission, along with Anthony Scaramucci from SkyBridge Capital, reaffirmed their commitment to bipartisan cooperation in connecting Wall Street, institutional financing, and global capital markets to support a tokenized economy.

Web3 Vision: A World Without War

Economist and property rights advocate Hernando de Soto presented a powerful concept at the conference: achieving a world without war through on-chain secure property rights. He hopes this vision is built on clearly defined and widely accessible property rights (including land and mineral resources) to prevent disputes between nations over valuable resources, thereby reducing conflicts. The system proposed by Hernando de Soto would utilize blockchain to ensure ownership and rights are clear, widely accepted, and resistant to manipulation, laying a stable foundation for long-term peace.

Space Resources and Property Rights

Delian Asparouhov from Founders Fund and Varda shared an optimistic view of the recent U.S. elections, envisioning a future government that supports space and cryptocurrency to ensure the safety and rights of nations and space citizens. Delian Asparouhov discussed in a forward-looking manner how to extend property rights to include resources mined from space, ensuring these resources are safeguarded for the people and not controlled by any single nation, nor monopolized by state-driven economies. Those currently working in this field will determine the future rules.

Miami as a New Tech Hub

Miami Mayor Francis Suarez, Delian Asparouhov, and other speakers emphasized the emerging tech competition between Miami and San Francisco as tech hubs. While Silicon Valley has long been the center of innovation, under Francis Suarez's leadership, Miami has positioned itself as a capital of real estate, crypto innovation, and a free economy. Francis Suarez stated that he regularly tracks the crypto market and personally uses Bitcoin to purchase homes, thus he will continue to support this technology.

A Bright Future for Real Estate and Privatization

Former acting chair of the U.S. Securities and Exchange Commission and Propy advisor Mike Piwowar discussed potential changes in property rights and financing, specifically mentioning that U.S. regulators are discussing the privatization of Fannie Mae and Freddie Mac. Mike Piwowar believes that blockchain can support an efficient, citizen-centered mortgage market and facilitate labor mobility as home buying becomes automated and more affordable.

Blockchain and Artificial Intelligence: The Frontier of American Innovation

Senator Cynthia Lummis also spoke about the intersection of blockchain and artificial intelligence (AI), noting that these two areas are recent focal points of U.S. legislative work. She added, "The U.S. Congress should not legislate on topics they do not understand out of fear." Additionally, several summit participants, including Propy advisor Michael Casey, expressed that while some view AI as a new threat to property rights, if decentralization is achieved, this situation will not occur.

Conclusion: The Path Forward

Whether through the creation of a U.S. Bitcoin reserve, putting real estate and mineral property rights on-chain, space privatization, or the privatization of major financial institutions, the industry leaders gathered in Miami at the Propy Web3 & Property Rights Summit expressed a unified vision: we need an economy and world empowered by innovation, and a commitment to prosperity and peace.

Participants of the Propy Web3 & Property Rights Summit, along with industry leaders in technology and economics, are working synergistically to build a truly decentralized world where everyone has control over their property rights.

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