An Island in Caribbean is for sale and owner is only accepting Bitcoins as payment
A beautiful plot in Caribbean Islands is for sale at the price of $7.1 million, but the most interesting part is that the owner is only accepting Bitcoins as payment method.
The tropical hideaway on Union Island in St Vincent and the Grenadines, is one of the latest multi-million pound properties where the owners will only accept the digital currency.
There is currently no house on the land being offered for sale at Bloody Beach Bay , but it does come with plans to build a villa and beach bar
Recent property sales in Bitcoins
This is not a surprise for Bitcoin community as there are examples in recent times where property owners in Dubai, London and Melbourne listed their properties for sale only in Bitcoins
Landlords in New York are also accepting rent from tenants in Bitcoins
In view of all the above mentioned examples, this is not a surprise for global property market and real estate brokers should promote this idea
Island Property specifications
The land for sale is within a few minutes of a small airport linking Union Island with St Vincent and the other Grenadine islands.
On the neighbouring Canouan Island, more than £150million has been spent by the owners of the famous Sandy Lane resort in Barbados on developing the Pink Sands Club.
They’ve also added a 6,000 ft runway – the longest in the Grenadines and a multi-million dollar super yacht marina.
Property owners shifting towards crypto currency payments
As mentioned in the above examples, there is a boom in crypto currency in the real estate sector as well and real estate market slowly adapting the Crypto technology
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share