Property by Bitcoin fad slows as cryptocurrency collapses

Property by Bitcoin fad slows as cryptocurrency collapses
Property by Bitcoin fad slows as cryptocurrency collapses

Properties being offered with Bitcoin accepted have slowed down dramatically since the turn of the year.

Late last year when bitcoin was all the rage, there were a number of properties that hit the market accepting either full payment or part payment of the cryptocurrency that was drawing attention worldwide.

But now bitcoin has plummeted from $21,600 to now near $8,800 per bitcoin in just under a month, and vendors seem more reluctant to accept the crypto-cash.

The only brave new listing is a home in Mount Druitt, where the vendor is happy to take the full $850,000 price guidance in bitcoin.

That in the current climate would equate to near 95 bitcoin.

The home around 40 kilometres west of Sydney sits on a 1,010 sqm level block.

It has three bedrooms, one bathroom and a recent minor renovation with a lick of paint, flooring and kitchen all freshened up.

It has a current rental potential of $380, or if you're still burying down in to bitcoin, around 0.04 bitcoin.

Sky Property agents Riza Kamerakkas and Fayez Abdo are marketing the home that last traded for $400,000 just last year.

Is it now worth cashing in on the crypto-currency in its current decline if you hold a number of bitcoins? Or are vendors more inclined to list their property with the potential it could double in price?

 

 

 

 

 

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Mount Druitt Bitcoin

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