Home owners willing to accept bitcoin for property despite volatility

Despite a sharp fall in bitcoin prices over the past eight months, some bullish investors are still willing to accept the cryptocurrency instead of Australian dollars for the sale of their multimillion-dollar homes.

One bitcoin is currently trading at $US6448, down from its peak in December 2017 of $19,535.70.Now with one bitcoin worth $A8786, a prime piece of real estate in Sydney’s inner-city has hit the market with the option to buy in the cryptocurrency.

It is a risky move given a property deal is yet to be struck in Australia using bitcoin, despite several properties being offered for sale last year with vendors willing to accept payment in that form.

The latest offering is an impressive four-bedroom house at 201 Albion Street in Surry Hills, which currently operates as both an art gallery and residence. It is being marketed with a price guide of around $5 million – or in today’s value about 570 bitcoins.

“It is unusual for a vendor to accept bitcoin as payment but we are positive there will be buyers who are attracted to this form of payment,” selling agent Joshua Charles, of One Commercial, said.

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Source: Home owners willing to accept bitcoin for property despite volatility | afr.com