December 15, 2017

This Miami condo is up for sale, but will only accept Bitcoins in exchange

by Neha Monga

A spectacular penthouse is up for grabs in Miami. However, the owner of the property would only sell it in exchange of bitcoins.

The Miami penthouse has been listed on real estate site  Redfin, for a price of $33. But according to Business Insider, it is actually 33 bitcoins, which as of Wednesday night, is the equivalent to $547,000. It has also been mentioned clearly in the property description that the seller will be “only accepting bitcoin.”

The description of this Miami property says it’s a “spectacular 1 bed/1.5 baths Penthouse unit with high ceilings, unobstructed Biscayne Bay view & Miami skyline.” The owner will also have access to the complex’s fitness center, spa, pool and party room.

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According to Business Insider, the value of bitcoin has increased more than 1,500 percent year-to-date. As the cryptocurrency gains popularity with the Wall Street and retail investors, the latest trend of bitcoins being used to transact for real estate seems to be catching up.

However, Nela Richardson, the chief economist at Redfin thinks “this home for sale is more of a rare event than the start of a larger trend.”

“You’re taking money out of an asset class that is highly regulated and putting it into something whose value is based on no regulations,” she told Business Insider.

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