Bitcoin and blockchain has been steadily infiltrating different areas of private commerce in recent months and years, and we’re used to seeing a growing number and variety of items being sold for cryptocurrency. Cars, yachts, artwork, and more has already been sold for cryptocurrency in the past, but property remains one of the most popular asset types for which cryptocurrency is used as the medium of payment. This is nothing new, but Bitcoin will take center stage in New South Wales, Australia next month as a luxury pad goes under the hammer in the world’s first cryptocurrency live property auction.
The Worlds First Live Cryptocurrency Auctioneer Real Estate Auction with #jpagroup.
Thrilled to Announce #jamesprattauctions #Nuyen and @binance will be conducting a world first at this luxury home next month. Great International #bitcoin #nickwitheriff # luxury #elonmusk pic.twitter.com/RF4ucqmgM0
— James Pratt Auctions (@JPrattauctions) March 15, 2019
World’s First Cryptocurrency Property Auction
LJ Hooker, one of the largest real estate groups in Australia, will auction off a luxury five-bedroom house in New South Wales through auction house James Pratt, who has stipulated that he wants to sell the property for Bitcoin or Binance Coin (BNB) rather than cash. Due to this preference, the auctioneer will be calling out the prices in Bitcoin rather than dollars, which will be a world first, as far as is known. The seller is Greg Costello, president of blockchain solutions architects NuYen, who will hand the crypto payment post-sale. Paying through cryptocurrency will save both the Costello and the buyer a substantial amount in fees, as well as speeding up the process dramatically, to the tune of minutes instead of days. According LJ Hooker the auction has reportedly caught the attention of several buyers from Canada, Australia, China, and the U.S., while Costello has stated his faith that such auctions will only grow with time:
All signs point to a borderless system where digital assets are traded for real assets.
The auction is due to take place on April 8, and BitStarz News will be on hand with the results of the auction the moment it ends!