Building owner will only accept bitcoin

Malta has been called “blockchain island” for attracting hordes of crypto investors

John McAfee has told investors to stop panic selling

The emerging blockchain island of Malta is grabbing crypto-related headlines once again. A 412-year-old palace worth at least $3 million is on sale, and the owner will accept nothing but Bitcoin for the purchase price.

Palazzo on Sale for 560 BTC



Ian Fitzpatrick, the owner of the Palazzo, that is located in Valletta, Malta is selling the historical building for 560 BTC and will not hear of anything else, notwithstanding the shaky cryptocurrency market at the moment. The unique sale announcement comes just a few days following the announcement of a €300,000 scholarship fund.

The unique requirement by the building owner to be paid only in bitcoin gives it a “first ever” tag for being the first building ever to be sold in cryptocurrency further cementing the title “blockchain island” of the world. The owner has said his building already has commercial permits for different activities which the new owner can take advantage of. He added:

“It has been reinforced to ensure stability while maintaining its authenticity and traditional appeal.”

The 860 square meter mansion is a historical beauty and lies within a scenic area of the city that is undergoing renovation. Valletta is home to several historic buildings that attract the interest of the “who is who” who are transforming the historic buildings to state-of-the-art boutiques targeting the wealthy.

Fitzpatrick has said the building is one among several others he says will be sold in cryptocurrency only. He said his motivation is that Malta is attracting troves is investors who believe the island nation is the “go-to place” for cryptocurrency investments.

That he is selling the Palazzo in bitcoin only, when it looks like bitcoin and other cryptocurrencies are seeing their worst as far as volatility is concerned appears to many like taking a huge risk. Property values usually take time to settle and, if the value of bitcoin improves, he is likely to smile all the way to the bank while the cost would similarly be high for the buyer.

Will Bitcoin Bounce Back?

At the time of writing, the price of bitcoin had fallen to below $4,400, down from $7,000 during the first week of September. One year ago bitcoin was steady at $8,000 before it climbed to about $20,000 one month later.

Regarding what to expect, John McAfee has told Bitcoin investors to stop panic selling as the market will pick up.

He tweeted: