Buyer Required To Purchase Malta's 421 Year Old Building Using Bitcoin

A Historic Malta Palazzo is up for sale in Bitcoin only according to the owner of the building. The building is located in the capital of the country valleta and worth $3 million.

The 421 Years old Building Up For Sale In Bitcoin In Malta

A 421 years old building, built in the traditional palazzo style of architecture is up for sale only in Bitcoin in Malta. The sale of the building in Cryptocurrency further reveals the significance of Cryptocurrency in Malta.

Malta has become prominent in the world with its friendly regulations that provide a breeding space for Crypto startups to thrive. This has been well pronounced with the migration of startups clamped down in China and some other countries to Malta.

Also, the country has been involved in the hosting of several blockchains and Cryptocurrency summit and the prime minister making public support for Cryptocurrency and delivering a support speech at the last UN general session.

According to the owner of the building, Ian Fitzpatrick, The historic building that is up for sale has a ground area of about 9,250 square feet and can serve a range of different commercial purposes, such as office space, hotel. Also, the building already has a commercial permit to serve as a venue for various activities as the future owner of the building deem fit.

The building features 18 bedrooms, a courtyard, unique historical features and also underground structures. It is located in the Republic street close to the Valletta’s main square alongside banks and ministries. The building is noted to be ideally suited for offices, an embassy, a boutique hotel or a housing project according to the real estate firm handling the sale of the property.

The sale of the property in Bitcoin as preferred by the owner seems not to be the most suitable option because of the high volatility of Cryptocurrency at the moment. Both parties could be at the receiving end of the transaction, depending on the move of Bitcoin. However, the property is listed for sale in the worth of 560 BTC.

Property Sale In Cryptocurrency

The sale of real estate in Bitcoin has become prominent of recent and the 421 years old building would not be the first of its kind.

Roy Niederhoffer, president of New York hedge fund R.G. Nierderhoffer Capital Management, was reported in October to be interested in selling his Manhattan mansion in exchange for Bitcoin.

Also, the owners of St. Regis Aspen Resort in Colorado launched real estate security token on ethereum blockchain in September with the help of indiego crowdfunding platform. This enables investors to buy shares in the resort with tokens sold on the blockchain.

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