550 Bitcoins now gets you a massive Maltese mansion

A huge mansion goes up for sale on ‘Blockchain Island’ – but you can only pay for it with cryptocurrency…

The island of Malta is already fashioning itself as a home for the cryptocurrency industry. Dubbed ‘Blockchain Island’, it’s hosting a major conference this coming autumn, with over 100 speakers, including controversial crypto advocate John McAfee. More on that here.

Ahead of that, an attempt is being made to generate the first purchase of a property purely using cryptocurrency on the island, thanks to a home in the Maltese capital going up for sale.

An 860 square metre building in the midst of Valletta has just gone on the market, listed by the company Cryptohomes. The asking price for the property, which comes with permission to develop a hotel or office space, is a cool three million euros. But the catch? That price has to be paid entirely using cryptocurrency.

The 18 bedroom, seven floor palazzo comes with centuries of history, too (dating back to the year 1600), and it’s located on the main street of Valletta. In cryptocurrency, the asking price for the property is 550 Bitcoins, and viewings are available in person, or by a special video link, through prearrangement.

Potential investors should be cautioned that it looks as if the property requires a bit of restoration work as well, so it’s worth adding that on to the asking price. But should a purchase go through, it’ll make history on the island of Malta as being the first crypto-only deal of its kind.

You can take a look at the property over at the Cryptohomes website, right here.

Image: Cryptohomes