A huge palazzo in the heart of Valletta being offered for sale with a $3 million (€2.58 million) price tag. There’s one catch – it only be purchased in Bitcoin, with the property going on sale for 550 BTC.
The 860 square-meter historic building comes with permission to be transformed into a hotel or even office space. Whoever buys it will have the opportunity to claim the title of making the first cryptocurrency property purchase on ‘Blockchain Island’.
According to Ian Fitzpatrick who owns the property, there are a number of high-net-worth individuals who are looking at Malta as a place to invest their crypto assets, and this property could be just the first of many which are sold this way.
John MacAfee, who is renowned for his anti-virus program, and has also confirmed his participation at the Malta Blockchain Summit in November, has also been tweeting about the palazzo sale in Bitcoin.
The sale is part of an initiative called CryptoHomes.io which, according to a statement on its official website, seeks to make more real estate listings available through crypto. CryptoHomes has partnered with Cubits – a widely-trusted and well-established multi-currency wallet.
While this is certainly a first for Malta, it won't be setting any records worldwide if this sale is successful; Montenegro was the first country in the world to complete an apartment sale with Bitcoin. The Bitcoin was immediately converted to fiat currency once the purchase was completed.