By Darryn Pollock
Sitting with a price tag of £5.3 mln, 13-acres of a Caribbean island is up for sale, but it would mean you have to shell out just over 570 BTC as the sellers are adding to the Bitcoin adoption narrative stating they will only accept cryptocurrency for the property.
There are a number of expensive and luxury properties that have found their way onto the real estate market across the world with price tags only in Bitcoin. A luxury apartment in Notting Hill, a Miami mansion, but even a reasonable house in Grimsby, England, has garnered attention from Bitcoin buyers.
Bloody Bitcoin Bay
The tropical hideaway on Union Island in St Vincent and the Grenadines currently is only a piece of land on a bay called Bloody Bay. However, the sale does come with plans for a villa, as well as a beach bar.
The area has seen some major development, and much like Bitcoin is a burgeoning opportunity.
The land for sale is within a few minutes of a small airport linking Union Island with St Vincent and the other Grenadine islands.
On the neighboring Canouan Island, more than £150 mln has been spent by the owners of the famous Sandy Lane resort in Barbados on developing the Pink Sands Club.
Real Estate hype
While there has been a boom in Bitcoin real estate, its reasoning may not be as simple as a form of adoption.
There is obviously a fresh new wave of interest and keenness from individuals who are looking to accumulate the skyrocketing asset which is being classed as digital gold. By receiving Bitcoin over regular fiat, investors suddenly have a huge influx of a currency that seems unstoppable on its upward trajectory.
However, the real asset is the hype that a Bitcoin price tag brings. Many of these sales that have been in the media recently would never make it outside of the realtors own books. Yet, the news of a Notting Hill apartment and a Miami Mansion have crossed oceans.
The £17 mln mansion in Notting Hill has seen unprecedented interest since it went on sale in October. Lev Loginov, co-founder of property firm London Wall, which is selling the property, said:
“Last week we had 15 viewings. It’s coming from Asia. I don’t think we’ve had anybody older than 30.”
It also helps that those who invested in Bitcoin in the early days have been turned into instant millionaires in this year alone with its massive growth. Bitcoin worth a few hundred dollars only five years ago could now be worth just about enough to buy Bloody Bay.
To that end, by placing a Bitcoin price tag on it, a new market is opened, and it is a market that has never been targeted before.
Loginov adds that it is early miners who own large numbers of Bitcoins:
“It’s lots of young people who got involved in cryptocurrencies at an early stage. Most of them made money from mining cryptocurrencies, and basically, they’re looking to acquire assets.”by