Malta has proven to be consistent in the adoption of the blockchain technology in recent times with the latest offering being huge palazzo in the centre of Valletta standing at an offer of $3 million. However, the mansion can be purchased strictly via cryptocurrency, specifically Bitcoin which impliedly translates to 550 BTC.
The Valletta Mansion
The historical edifice, which is 860 square-meter the heart of Mediterranean island’s vibrant capital of Valletta, is up for sale with the permission to be renovated for business purposes such as a hotel or office space. This seems to be in correlation with the recent development in Valletta as most of the previously abandoned mansions and palazzos are now been renovated and converted to bespoke hotels to cater for the nouveau riche (newly rich).
The idea of imposing the payment for the mansion as Bitcoin is one which is not only ingenious but unique, this could give investors every opportunity to earn the title for being the first virtual currency property purchase on the acclaimed ‘Blockchain Island.’
Based on words released to public knowledge by the owner of the property Fitzpatrick, there seem to be several net worth individuals who are considering Malta as an avenue to invest their money into the fast-growing cryptocurrency sector. Admittedly, this property is an open door of unending possibility to the real estate market as it would not be absurd to witness other estates being listed for sale strictly via Bitcoin.
Crypto Secures a Spot in Real Estate
The sale is part of a project known as CryptoHomes.io, which seeks to make more real estate sales available through Cryptocurrencies consequent upon the conclusion of the first virtual currency real estate investment in Malta. The CryptoHomes has entered into a partnership agreement with Cubits which is a reputable and well-structured multi-currencies wallet.one of the initiators of CryptoHomes Dennis Avorin has reportedly stated that;
“Crypto is here to stay, and we want to showcase that cryptocurrencies are not only commodities for speculators but also a means to purchase solid assets. Purchasing real estate with crypto is like purchasing real estate with fiat – the same due diligence and rules apply. We simply want to promote the use of crypto as a vehicle for solid investments and Malta is a great start with the incredibly strong real estate market that we have seen in the past few years.”
CryptoHomes seems not to be alone in this line of business as Remax Malta is their viable counterpart, advertising the feasibility of purchasing real estate with virtual currency however it hasn’t listed an asset yet. It is considered exigent to note that Montenegro was the first country in the world to complete a real estate sale with Bitcoin although it was reportedly converted to fiat currency due to obvious reasons.