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Luxury Home in Fannie Bay on Sale for $2.85 Million or Bitcoin Equivalent
A premium property located in Fannie Bay, Northern Territory, has become a pioneering listing by offering potential buyers the option to purchase with Bitcoin. Priced at $2.85 million, the home is equivalent to approximately 16 Bitcoin, valued at around $180,000 each at current rates.
Seth Chin, Managing Director of Chin Property Group, highlights that this innovative approach aligns with the growing number of Australians investing in cryptocurrency. Data shows that about 20% of Australians are now cryptocurrency owners, with the overall market estimated to be valued between $50 billion and $70 billion.
Chin explained that recent developments, including the acceptance of exchange-traded funds in the United States and increased interest from top-tier investment firms in Bitcoin, have significantly elevated the profile of the cryptocurrency.
Owner’s Experience
The home’s owner, Randal Ashford, has been a long-time Bitcoin investor and has designed and refurbished the property from its former dilapidated state into a high-spec family residence. Ashford acquired the 1,090 square metre block in 2023 for $1.1 million, illustrating a considerable revival of the property market through cryptocurrency.
Related: US Real Estate Agent Launches $100M Tokenised Multifamily Fund on Blockchain
The Global Surge of Crypto in Real Estate
Globally, the trend of using cryptocurrencies in real estate is rapidly expanding. In the United States, numerous brokerage firms are conducting multi-million dollar transactions in digital currencies. Meanwhile, Dubai has established a transparent legal framework that allows buyers to invest in real estate using Bitcoin, Ether, and stablecoins under the supervision of the Virtual Assets Regulatory Authority and the UAE Central Bank.
In Australia, not only is cryptocurrency legal, but it is also recognised as property and subject to capital gains tax when sold. According to Chin, for buyers who invested in Bitcoin back in 2018, the potential appreciation has outstripped that of the Australian dollar. For example, buyers who purchased 16 Bitcoin at an approximate cost of AU$150,000 could now trade them for a luxury property in Darwin.
"Bitcoin is increasingly seen as digital gold. People are using it not as currency, but as a store of wealth," commented Seth Chin regarding the evolving perception of Bitcoin.
Related: Dormant Bitcoin Whale Moves $349M After a Decade of Silence
Conclusion
This innovative listing in Fannie Bay marks a significant step in the intersection of property and cryptocurrency markets in Australia. As more Australians invest in digital assets, the opportunity to purchase high-end real estate with Bitcoin presents a compelling proposition. The evolution of cryptocurrency regulations and their growing acceptance in various sectors, including real estate, highlights a future where digital currencies may redefine traditional purchasing methods.