Palazzo in Valletta, Malta Worth $3 Million Can Only Be Paid for in Bitcoin (BTC)
The owner of a magnificent structure in Malta has placed a cryptocurrency value on his property, insisting that he will only accept Bitcoin -crypto’s largest digital asset in terms of value- as payment currency for the property.
The 421-year-old palazzo located in Malta’s national capital city of Valletta, is valued at $3 million. The fall in value of Bitcoin in the exchange market has not deterred the owner from opting for alternative currencies or changing his mind about taking only bitcoin as payment.
The interest in investment in cryptocurrency market is increasingly on the rise in many parts of the world. Malta is a big and friendly economy to cryptocurrency businesses and blockchain tech.
The country has a crypto and blockchain positive regulatory framework that favors the growth and expansion of crypto market in the European continent.
With a rich history behind it, the building has been in existence for 421 years and remains a center of attraction to tourists, among other functions. Buyers who decide to go for it, can actually choose to do whatever else they want with the structure, after its purchase.
An important element that could encourage new buyers purchase the property is the rumored claim that the structure has already acquired commercial permit that makes it eligible and free to be used to carry out various commercial activities.
Also, the value and pedigree that the building provides will give businesses and enterprises some greater standing and regard than the average building in Malta.
However, there is some doubt regarding the possibility of this deal going through, seeing as it might be a bit hard to find a buyer who is willing to part with $3 million in BTC, particularly given the current state of the market, as well as its potential value in the future –remember that some experts think bitcoin just might be the world’s first $5 million coin.
It is even more so considering that this is a high value deal. The skepticism comes on the heels of concerns expressed by Malta’s real estate experts and investors, who have raised issues about the real impact of cryptocurrencies on their business.
According to one estate manager in charge of business development and marketing in one of Malta’s real estate firms,
“it’s hard to align both the seller and the buyer on using cryptocurrencies, especially for high-profile deals.”
This is not surprising seeing as virtual currencies and their highly volatile nature may not make for a good payment option. So, when it comes to high profile deals, investors are skeptical dealing in cryptocurrencies. The reasons for this aren’t farfetched: sudden price spikes can mean an additional or lower value in terms of the agreements.
However, there is no doubt that real estate owners, manager and investors are beginning to start considering Bitcoin as means of exchange following the currency’s increasingly ambitious involvement in real estate projects.
Recently, high end real estate investor duo, Baroness Michelle Mone and Doug Barrowman, have put down as much as 2.4 million square foot real estate development in Dubai.
Similarly, another 10,720-foot mansion located beside Riverside Park in Manhattan, was put up for sale with an asking price of $15.9 million dollars, with the sellers stating that they were very open to taking bitcoins as payment.
There’s also a state of the art ancient mansion in Rome measuring 17,000 square foot and valued at $42 million, that’s up for sale, with the seller stating they would take payments in cash and/or cryptocurrency.