You can only buy this Miami condo with Bitcoin
If you're looking for a penthouse condo in Miami, and are sitting on a large heap of Bitcoin, we just might have a deal for you.
A condo in Miami is selling on real estate site Redfin, seemingly for a price of $33. But according to CNBC it's actually 33 bitcoins, which is roughly $563,000 at current prices.
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The description of the property says it's a "spectacular 1 bed/1.5 baths Penthouse unit with high ceilings, unobstructed Biscayne Bay view & Miami skyline" with the buyer "only accepting Bitcoin".
Image: Redfin.com
It's not the first real estate property sale that accepts a cryptocurrency as payment, but it's unusual to see one that only accepts Bitcoin, given its volatility.
A boy asked his dad for a Bitcoin for his birthday. His father responded, “What? $15,466?! $13,925 is a whole lot of money son. What would you even do with $16,088?”
— Ira Giorgetti (@iragiorgetti) December 13, 2017
Originally envisioned as a peer-to-peer digital cash exchange system, Bitcoin is currently mostly used as an investment. Due to the congestion of its network and high transaction fees, it's nearly unusable for micro-transactions, which is why gaming store Steam ditched it a week ago.
For a real estate sale of this value, however, it's perfectly alright — unless you figure in volatility.
Bitcoin's price is currently at $16,684, up roughly 15% in the last week alone. And the way Bitcoin's price changed this year, this condo could be selling for a million dollars — or a quarter of a million — next week.
Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH.
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