News out of the UK at the end of this week is that a stunning $17 million mansion has just gone on sale in London and, specifically, on the world-famous Portabello Road in Notting Hill. Reports suggest that the property will be priced at £17 million, which, at last count, came in at a little over $22 million and will be sold by property investment company London Wall, which bought the property at 4 Stanley Gardens in 2013.
So why is this news in the financial technology space?
Well here is the twist – the company selling it, the above-mentioned London Wall, is only willing to accept one very specific form of payment – bitcoin.
This is the first time (as far as anybody can uncover) that bitcoin has been used outright to buy property in the UK and it’s definitely the first time that it is been done to buy a property valued at this sort of price.
At current exchange rates, the $22 million price tag comes in at around 3800 BTC.
Lev Loginov, co-founder of London Wall, had this to say on his decision to limit the sale to a bitcoin-only deal:
“We want to shift all the perceptions on cryptocurrency. We think in future it is going to eliminate the need for solicitors and property title and is really going to change how real estate transactions are conducted.”
The importance of this is pretty clear in terms of implication – for the first time, as far as UK property is concerned, the advantages that bitcoin can bring to a transaction have resulted in it being not just favored as a payment method but in the sellers declaring that the only form of payment they will accept is cryptocurrency.
How this will play out long-term remains to be seen.
One thing is for sure, however: that the media attention that this development is going to attract in the UK (and likely abroad, given that London is one of the most expensive cities in the world in which to buy property) is going to further enhance the cryptocurrency’s reputation among the mainstream and potential future adopters.
Image courtesy of London Wall