While Bitcoin has been experiencing a lot of issues this year to date with price drops, this hasn’t stopped an owner of a palazzo in Malta for selling it for $3 million and only accepting Bitcoin as payment.
Malta has a thriving blockchain and crypto community on its shores, with many companies having their operations based there. The palazzo that is being sold in the capital city of Valletta is 421 years old. It can be put to use in many different ways, but you can only buy it through Bitcoin.
The premises already has various permits for different activities and it still looks authentic while also being a stable environment.
Local real estate agents are sceptical as to how this sale will go through. While in principle it may sound like a good idea to the seller, it is harder in reality. Of such a high profile property, it could be hard to find a buyer who will be willing to use Bitcoin for the transaction.
The volatility levels of the crypto markets are off-putting to a lot in the property and finance space, meaning that this deal would likely take some time to settle down. During this settling downtime period, there could be significant bouts in the volatility levels of Bitcoin.
Despite this, there is a trend globally of more property owners looking to deal through the likes of bitcoin. For example, there is a 2.4 million square foot development located in Dubai that is accepting bitcoin in return for these units.
The prices for a unit start at 30 BTC. In Manhattan, a 10,000+ square foot mansion is on the market for almost $16 million and bitcoin is one of the available payment options.
It will certainly be an interesting story to watch to see if a bitcoin buyer ends up doing a deal.