13 acres of a Caribbean island, called Bloody Bay, is selling for about 570 BTC. The sellers insist that they won’t accept any other currency. And that is not the first time, when luxury market is open only for miners.
Bitcoin is now the most trending currency for luxury properties. A luxury apartment in Notting Hill, Miami mansion and many other real estate is now tagged “Bitcoin only”. That means, the new market is open. The market for young adults millionaires, who made money from mining cryptocurrencies.
The £17 mln mansion in Notting Hill, that is selling with Bitcoin only since October, is now the main object of interest in the “London Wall” property firm. Lev Loginov, co-founder of “London Wall”, said:
“Last week we had 15 viewings. It’s coming from Asia. I don’t think we’ve had anybody older than 30.”
However, skeptics insist that the selling of houses for Bitcoin is just a marketing gimmick.
Saurabh Saxena, founder of Houzen, said:
“I sincerely believe that Bitcoin as a currency or exchange medium is not sustainable. It’s purely a marketing gimmick. Developers typically raise money from pension funds or private equity. When a pension fund invests in real estate, they would typically expect a return of anywhere from 8 to 10 percent. Real estate is a low- to medium-risk asset class, and offers low to medium returns. Bitcoin is extremely volatile, and hence very, very high risk as a transaction medium.”