Today, the Wall Street Journal reported that a six-story townhouse in New York’s Upper East Side was listed on the market for nearly 30 million dollars. The listing is made newsworthy by the fact that Claudio Guazzoni de Zannett, the hedge fund manager behind the offer, is allowing buyers to pay with cryptocurrency.
The townhouse is listed for $29.95 million, or buyers can pay $45 million in cryptocurrency for the property. Zannett is accepting bitcoin, Ethereum, or Ripple, and explained that the 40 percent price difference accounts for the volatility in the cryptocurrency markets.
Zannett founded the Zannett Cryptocurrency Group in 2016, and has been investing in cryptocurrencies and blockchain for years. He explained to the WSJ, “I’m a true believer in these networks, but it’s very volatile. They could be down 60 percent in two weeks.”
Listing properties on the market in Bitcoin is a growing trend, likely in part because of the heightened visibility it gives a property. In Colorado, a man was able to purchase a $1.1 million home by providing pictures of his investment portfolio to the realtor and seller, then transferring the crypto into fiat strategically. Less traditionally, a slice of a Caribbean island was listed for sale last December for 570 BTC, and a property in Ibiza was reportedly on sale in November for 1,850 BTC.