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Historic Malta Mansion on Sale for $3 Million Only Accepts Bitcoin as Payment

A property worth $3 million in the Mediterranean island nation of Malta went on sale in September 2018, attracting the attention of the crypto community. To anyone else, the sale of the historic mansion would have been nothing more than just another event involving the rich who love the Sea, and its scenic beaches.

However, the property located in the Maltese region of Valletta had one interesting condition for any would-be buyer—the owner only accepted crypto payments. Precisely put the massive palazzo was on sale, but only for Bitcoin (BTC).

According to the firm contracted to finalize the sale, potential buyers were to cough out 550 BTC. It stood out, as it represented the first ever fully Bitcoin-denominated property sale in Malta—dubbed the “Blockchain Island” for the country’s government’s crypto-friendly stance.

The historic city of Valletta was undergoing renovation and property was on sale to investors who would later redevelop them into various high-end hotels or holiday homes.

The crypto-only sale for the 860 square-meter mansion was seen as one illustration of how far bitcoin had come as a payment currency, akin to what one research later said would see the crypto become a global medium of exchange.

And the property’s owner, one Ian Fitzpatrick noted that with so many other buildings on the market, it would hardly be surprising to see many more such crypto-only sales. 

The firm behind the sale was CryptoHomes.io, whose founders have said that the incentive to put the house on sale for bitcoin was due to the increased adoption of cryptocurrency within the real estate.

The Malta-based startup partnered with Cubits, a multi-currency wallet to provide access to the property via a blockchain-based transaction.

The all-BTC sale even caught the attention crypto evangelist John McAfee. The security tech expert tweeted about Malta’s rapid growth as a blockchain destination, including how the tiny island nation was spearheading crypto adoption.

With Malta having already held a blockchain summit, adoption of crypto and the underlying technology is very much on the ascendancy as seen by the passage of crypto-friendly bills by the parliament. 

The government’s commitment to support crypto and blockchain has already convinced several businesses that have established offices and operations in the country. Among these is Binance, currently the world’s largest cryptocurrency exchange by trading volume.

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