[DigitalToday reporter Yoonseo Lee] U.S. financier Peter Schiff (피터 시프) publicly criticised a bitcoin-linked real estate investment structure put forward by real estate mogul Grant Cardone.

On June 22 (local time), blockchain outlet U.Today reported that Schiff said, "Combining real estate with Bitcoin solves nothing," arguing it is hard to see as a new use case for bitcoin.

At issue is Cardone Capital’s combined real estate and bitcoin investment structure. Grant Cardone, founder of Cardone Capital, explained at the Consensus Miami 2026 event a method of bundling cash-flowing multifamily residential real estate and bitcoin purchases into a single dedicated limited liability company (LLC). The structure focuses on buying additional bitcoin based on rental income from real estate. The target return is 22 to 32 percent.

Cardone Capital recently launched the $87.5 million "10X Space Coast Bitcoin Fund" for this. Cardone said the strategy could shake the existing $4 trillion real estate investment trust (REIT) market. He pointed to limits in traditional REIT structures created in the 1960s.

Cardone also said about 80 percent of investors in the company’s bitcoin-focused real estate fund had not previously had exposure to cryptocurrencies. He also stressed it could serve as a channel to draw traditional asset investors into the crypto market.

Schiff, however, did not accept that argument. He criticised Cardone for claiming that REITs need bitcoin on their balance sheets to cover costs needed for repairs and maintenance.

Still, assessments may differ in that the structure changes the character of a real estate investment product from a simple focus on rental income to a hybrid investment product that also reflects bitcoin price fluctuations. If cash flow generated from real estate is used as funding to buy bitcoin, investors are exposed not only to rental income and asset value gains, but also to changes in the bitcoin price.

In particular, with the target return presented at 22 to 32 percent, whether actual performance can be explained by real estate operating income alone could also become an issue. If bitcoin rises, it becomes a factor that lifts returns. If the price falls, there is also the possibility that the advantage of stable cash flow from real estate is diluted.

The core of the dispute is whether a strategy that binds real estate’s stable cash flow and bitcoin’s price volatility into one structure can actually become an investment alternative. Cardone is targeting demand to hold bitcoin that existing real estate products did not capture, while Schiff is countering that the premise does not hold.

Differences in views over investor inflow channels have also emerged. Cardone pointed to the high share of investors with no crypto experience, but Schiff is sceptical of the approach of changing the real estate structure itself to bring bitcoin in. As a result, future points to watch are whether this combined product can actually attract funds, and whether it can establish itself as an alternative to traditional real estate investment structures.

Combining real estate with Bitcoin solves nothing. @GrantCardone claims REITs need Bitcoin on their balance sheets to sell so they can pay for repairs and maintenance. But real estate throws off rental income, which can be used to cover those ongoing costs. Happy to debate this.