The chief executive of one of the world’s biggest exchanges has unveiled plans to host the first-ever live property auction using cryptocurrencies.
Binance CEO Changpeng Zhao revealed the news on Twitter, and said bids for the house will be accepted in Bitcoin and Binance Coin.
The auction for the Australian property is going to take place on Monday April 8, and is being held in association with James Pratt Auctions and NuYen Blockchain.
Known as “The Jetsons” after the popular cartoon, the five-bedroom house is futuristic in design and based in Casuarina, New South Wales – about 30 minutes away from the idyllic hotspot of Byron Bay.
Dramatically designed, the listing claims that the “striking residence sets new benchmarks in design excellence, innovative engineering and ultimate liveability.” As well as boasting a football pitch, a heated pool, an entertaining terrace and an in-ground trampoline, the kitchen has been fitted with top-of-the-range appliances.
“Large custom-curved horizontal windows render an additional point-of-difference to the dual-storey facade, which appears to defy gravity, via a top level, that skews 45 degrees to produce a dramatic overhang. Aesthetics are balanced by considered social amenity and exceptional lifestyle and leisure provisions.”
“Natural light and sea breezes influence the integrated living, dining and cooking area via 28m of soaring glass doors that glide back for seamless interaction with outdoor spaces.”
Crypto property purchases on the rise
Although there is some degree of novelty surrounding this property because it is the world’s first live crypto auction for a house, it is worth noting that purchases using Bitcoin have been taking place for some time now.
Chinese investors who got rich from the crypto boom have increasingly been selling their Bitcoin in order to acquire foreign currency and buy homes in the US, while others have made direct purchases using their virtual assets. It has afforded many of these millionaires with a way to get around tougher regulations imposed by Beijing. Properties in the UK have also been proving popular.
Indeed, some housebuilders in the UK have also indicated that they are willing to allow their customers to purchase new properties using Bitcoin.
Of course, the volatility seen in the marketplace is likely to be concerning for buyer and sellers alike. While 100 Bitcoin could net an exclusive mansion towards the end of 2017, it would likely only fetch a far more modest property at current market rates.