Bitcoin is now knocking on the real estate’s door. This is as a result of a Maltese Mansion that is up on sale. Interestingly though, this is a Bitcoin only Palazzo sale. According to CryptoDaily, the Mansion grosses for USD$3.52 million. The amount is equivalent to about 550 bitcoins. Prominent technology personalities were on the forefront in breaking the news. Writing on his Twitter account, John McAfee said: “Maltese Mansion goes on sale for BTC in advance of Malta conference.”
Bitcoin only palazzo sale in the ‘Blockchain Island’
Malta has become the blockchain poster-child as the island supports the technology fully. Dubbed the ‘Blockchain Island’, the island nation seeks to fan the crypto fire till full adoption.
Listed on Cryptohomes.io, the 17th century mansion becomes the first piece of real estate to go on sale in Bitcoins. According to the CryptoDaily, the palazzo is measures 860 m² with 18 bedrooms. Potential buyers can convert the house into commercial premises which promises high returns.
Ian Fitzpatrick, owner of the property, is sure that the palazzo’s sale is one in the many that will follow. He believes the market is favorable for the cryptocurrencies to flourish. This is one of those positive nods in the cryptocurrency direction despite criticism. Fitzpatrick insists that cryptocurrency is here to stay. He is certain that crypto is not only a commodity for trades but also a means to exchange vale.
Echoing Fitzpatrick’s sentiments, Dennis Avorin, one of CryptoHomes’ initiators said, “Purchasing real estate with crypto is like purchasing real estate with fiat – the same due diligence and rules apply. We simply want to promote the use of crypto as a vehicle for solid investments and Malta is a great start with the incredibly strong real estate market that we have seen in the past few years.”
Further, according to CCN, the Bitcoin only palazzo sale is subject to ‘know your customer’ (KYC) knowledge and diligence. To achieve this, CryptoHomes has partnered with KnowMeNow to facilitate the process. KnowMeNow is a KYC solutions provider. The firm delivers solutions that run on the blockchain network.
Recently, the billionaire American, Tilman Fertitta announced his car dealership will begin accepting Bitcoin. This shows just how important the technology is and the potential for further development it holds.