Home seller’s $45 million gamble on bitcoin

by Steve Randall15 Jan 2018
Digital currencies have been the big investment story in recent months, especially Bitcoin, and one home seller is prepared to gamble on the sale of his $45 million home on the currency staying strong.

CNBC reports that Dr. Wei Tzuoh Chen is willing to accept part payment in Bitcoin for his 9,000-square foot Malibu beachfront home, believing that the digital currency is as valid as the dollar.

Bitcoin started 2017 at around $966 per coin and ended the year at around $16,000 per coin; and forecasts for its trajectory calls for anything from a further doubling this year to a ten-fold surge.

That said, Dr Chen’s neighbors think he is crazy for being willing to accept an unregulated currency that is not backed by a central bank or a physical commodity.

The kidney-specialist has already invested in Bitcoin though and is pretty cool about the risk.

"I'm not saying it's safe. I'm just willing to take the risk for investment. Just like everybody else," Dr Chen told CNBC.

He expects most interest for his desirable property to come from international buyers. Asian investors in particular have been buying up Bitcoin as Chinese regulators have moved to curb capital outflows.

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