Thursday 23 November 2017

Bitcoin used to purchase villa in Bali

An anonymous investor has purchased a villa in Bali for an estimated US$500,000 using bitcoin, the non-regulated, online-only currency.

Bitcoin used to purchase villa in Bali

A Villa at the Del Mango development in Bali. The Bitcoin purchaser allegedly intends to let his villa to holiday makers.

March 31, 2014

According to Property Report magazine, the sale was completed through BitPremier, a bitcoin-exclusive trading platform for luxury goods.

NBC News reported that one bitcoin was worth about $610 when the acquisition was finalised and observers believe that it could be the largest bitcoin transaction to date.

The purchase was for the long-term lease of a new 279-square-metre villa at the deLMango Villa Estate and is in accordance with Indonesian foreign ownership laws.

According to property Report, the Bali villa features a contemporary tropical design with open-sided rooms, two bedrooms and two bathrooms.

Alan Silbert, the founder and CEO of BitPremier, was quoted as saying. "This definitely validates the BitPremier business model.”

"It shows that bitcoin users want to buy things that are unique, and that are above and beyond T-shirts and electronics," Silbert told CoinDesk.

Some analysts believe the transaction could serve as a precedent for other investment opportunities using the controversial currency.

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