Grant Cardone’s experiment of pairing income-producing real estate with Bitcoin is drawing fire from gold bull Peter Schiff — and sparking a wider debate about whether crypto belongs on property balance sheets.
Cardone Capital has been rolling out a strategy that channels rental cash flow from multifamily properties into Bitcoin purchases. The firm recently launched the $87.5 million 10X Space Coast Bitcoin Fund, a dedicated structure that holds both real estate and BTC. Cardone pitches the approach as a way to give traditional investors exposure to Bitcoin without forcing them to buy or custody the asset directly; he says many investors in his Bitcoin-linked real estate vehicles previously had no crypto holdings.
Schiff, however, dismissed the idea on X (formerly Twitter): “Combining real estate with Bitcoin solves nothing.” The gold advocate argued that rental income already covers repairs, upkeep and other operating costs — so there’s no need to add a volatile asset to a property company’s balance sheet as a reserve. He also challenged Cardone’s contention that REIT rules — which require most REITs to distribute at least 90% of taxable income — prevent operators from building a Bitcoin reserve, and offered to debate the topic publicly.
Cardone’s camp has continued to put money behind the thesis. As markets weakened earlier this year, Cardone Capital bought another 282 BTC (roughly $18 million when Bitcoin traded near $62,000), adding to a position that previously included about 1,000 BTC after a $10 million buy in January. The firm has publicly targeted 3,000 BTC by the end of 2026 and 10,000 BTC across its vehicles over the longer term.
The clash captures the broader split over Bitcoin treasury strategies. Proponents argue BTC can act as a long-term reserve asset that boosts returns if rental cash flows are used to steadily accumulate coins through market cycles. Critics counter that introducing Bitcoin brings price volatility and balance-sheet risk to a business whose core value is steady cash flow, debt management, insurance and maintenance — risks that rental income already addresses.
As more funds experiment with hybrid structures that blend traditional assets and crypto, the debate over whether Bitcoin truly enhances real estate economics — or simply layers on extra volatility — looks set to continue.
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