While the number of things one can buy with Bitcoin remains somewhat limited, for those with significant holdings, a palazzo in Malta may sound appealing. For $3m this little slice of crypto-friendly paradise can be yours – but owner Ian Fitzpatrick is only accepting Bitcoin as payment.
Malta Continues to Make Crypto Headlines
It has been a very interesting year for Malta so far. Binance has set up an office on the island nation while other blockchain and cryptocurrency firms are exploring similar options. It shows the country is home to positive regulations for both blockchain and cryptocurrency. Because of this ongoing positivism, the use of Bitcoin seems to be increasing alongside.
One example of this is local homeowner Ian Fitzpatrick, who is looking to sell his property – a spacious palazzo – for cryptocurrency. More specifically, Fitzpatrick will only accept payments denominated in Bitcoin. The property is being sold through CryptoHomes, a company also based in Malta that aims to facilitate more real estate sales through cryptocurrency. All sellers and buyers will go through a rigorous KYC procedure to comply with local regulations.
The palazzo sold by Fitzpatrick is the first real estate to be sold for Bitcoin in Malta. The current asking price sits at 550 BTC – approximately $3.46 million at press time market prices. The lucky buyer will receive an 860 square meter-sized property that comes with permits to turn the palazzo into an office space or a hotel, depending on the new owner’s preference.
Bitcoin and Luxury Purchases Mix Well
Buying real estate with Bitcoin is not a new trend. While this is a first in Malta, other countries have seen similar ventures. Earlier this year, reports surfaced as to how wealthy Chinese people used Bitcoin to buy real estate abroad. Cryptocurrency is usually sold through international trading platforms and then that money is used to purchase properties around the world.
For more direct BTC-related purchases, options are available as well. One particular mansion in Texas can be paid for with Bitcoin. Realtors claim that close to 30% of all real estate sales will be completed with cryptocurrency by 2023. A very ambitious goal, but it also makes a lot of sense. Bitcoin offers lower fees and faster transactions for international property sales and purchases.
Other than real estate, other luxury goods are also in demand. Common purchases include expensive cars and jewelry. There are even so-called “elite marketplaces” for wealthy Bitcoin investors and speculators. Buying real estate appears to be a logical evolution of this ongoing trend. If the palazzo in Malta is sold for Bitcoin, a new precedent will be created accordingly.
Do you think we’ll be seeing more Bitcoin-only real estate for sale? Why or why not? Let us know in the comments below.
Image courtesy of ShutterStock