Wealth mobility between the east and west coasts of the United States has been gaining momentum, especially recently. Leading names in the technology and cryptocurrency worlds have turned to selling luxury real estate and changing states through digital assets, along with new trends in the finance and real estate sectors.
Florida Becomes the New Address for Technology and Crypto Wealth
Recent developments indicate that technology and crypto entrepreneurs, especially in California, are seriously considering Florida due to its tax advantages. It is noteworthy that businessman Grant Cardone offered a 10,000 square meter, 7-bedroom villa in Miami for sale directly with Bitcoin, that is, 700 BTC. This step shows that high-scale real estate transactions with cryptocurrency savings are on the rise.
It is reported that Mark Zuckerberg, CEO of the famous technology company Meta, and his wife Priscilla Chan are among those who will move to South Florida in the near future, and that they have purchased a newly completed beach villa in the Indian Creek area of Miami. Other well-known personalities such as Jeff Bezos, Tom Brady, Jared Kushner and Ivanka Trump also live in this area, known as the gated community.
Migration of Great Fortunes from California is on the Agenda
This interest in Florida is directly related to the billionaire tax that is on the agenda in the state of California. It is stated that this regulation worried the richest people in the state and accelerated the moving wave. Canadian-American entrepreneur Chamath Palihapitiya stated that the total taxable wealth of billionaires in California has recently fallen below one trillion dollars. Palihapitiya argued that the billionaire tax proposal could create a burden on the middle class because of the gap left by these immigrants.
“These are people who have been paying state income taxes for years without complaint, and in recent weeks they have begun the process of moving,” the statement points out.
Experts say the billionaire tax initiative did not pan out as planned and has a ripple effect on local economies and corporate headquarters. It is also considered that Meta employees may also move to Florida to benefit from favorable conditions. Real estate agents operating in Miami state that the demand for ultra-luxury residences has increased significantly. Coldwell Banker Realty consultant Danny Hertzberg reports that California’s 5 percent surtax has led to massive immigration in a short time.
Crypto Assets and Digital Wealth Mobility
The situation is not limited to the real estate sector; The role of crypto assets in wealth mobility is also increasingly attracting attention. Balaji Srinivasan, former CTO of Coinbase, notes that California’s billionaire tax could hurt the venture capital ecosystem and could lose Silicon Valley’s central role in the next decade. Srinivasan thinks that crypto networks and internet-based protocols offer more politically resilient structures, so they can have an advantage in the global environment.
“The ultimate goal of the wealth tax in California is to either exile or seize the assets of anyone working in the field of technology. Cryptocurrencies have been developed to be resistant to such asset losses; whereas the same is not the case for traditional technology companies,” the approach to the process is revealed.
It is emphasized that Florida has become a center of attraction in terms of both technology and crypto wealth. The villa that Grant Cardone sold for 700 BTC is shown as an example of how digital assets can be used in new generation wealth management. This interstate mobility shows that debates about tax policies across the US will remain on the agenda for a longer time.
