Malta Mansion in Valletta is Up for Sale Accepting Only Bitcoin (550 BTC Asking Price)
Only Bitcoin Accepted On Sale Of $3 Million Valletta Palazzo Mansion On Malta
At this moment, you are already probably used to hear about Malta. The small island nation keeps stealing the headlines on blockchain and crypto sites. The most recent of these news is that a huge palazzo in the heart of the island is being offered for $3 million USD.
What does that have to do with crypto, though? The mansion can only be acquired with Bitcoin. The person who decides to buy will have to spend 550 BTC to do it.
About The Palazzo
The palazzo on sale has 860 square-meter and it is a historic building on Valetta. It comes with the permission to turn into a hotel or an office. This is part of a larger effort to modernize and restore old buildings as high quality hotels and boutiques as the region is changing. The sale is part of CryptoHomes.io, an initiative to make more real estate listings available via crypto.
This move is also important to set Malta as the “blockchain island” because the person will only be able to use BTC to acquire the property. CryptoHomes has partnered with Cubits, a well-established and trusted multi currency wallet and one of the initiators of the project, Dennis Avorin, has stated that in the future many people will be using crypto instead of cash to buy real estate.
According to him, crypto is here to stay and it is important to showcase that cryptos are more than commodities for speculators but also real money that can be used to buy things. He believes that this is both relevant for the promotion of Malta and Bitcoin.
CryptoHomes has made a partnership with KnowMeNow to provide full Know Your Customer (KYC) knowledge to this blockchain-based purchase.
Ian Fitzpatrick, which owns the property, believes that there are a lot of high net worth individuals who are looking to invest in Malta and many of them have a wealth in crypto. Because of this, this could be the first of many properties to be sold to these individuals. The palazzo is more than four centuries old and it can be turned into a boutique hotel like many old Malta buildings are doing right now.
John McAfee, the famous blockchain investor and entrepreneur, has confirmed that he would participate at the Malta Blockchain Summit which will happen in November and also that the Maltese Mansion was on sale and you could buy it before the conference.
Other real estate companies like Remax Malta are also thinking about the possibility of following this move but there are no listings so far. Montenegro was the first country to sell an apartment with Bitcoin and it looks like other countries will follow it.