A New York townhouse is selling for $29 million cash or $45 million cryptocurrency | finder.com

A New York townhouse is selling for $29 million cash or $45 million cryptocurrency

Peter Terlato 11 April 2018 NEWS

The reason for the difference in price points between payment types is due to crypto’s current volatility.

A six-story New York City townhouse, located on the city’s Upper East Side, has been listed for sale and potential buyers can opt to either make payment using US dollars or three different cryptocurrency options.

The property is being sold by angel investor Claudio Guazzoni, according to the Wall Street Journal. Guazzoni is chief executive of information technology solutions specialist Zanett Inc and an advocate for digital currencies.

Guazzoni has set a sale price of US$29.95 million but will also happily accept US$45 million in the form of popular cryptocurrencies bitcoin (BTC), Ethereum (ETH) or Ripple (XRP).

The NYC executive revealed that the reason for the vast difference in price points between the payment types is due to the current extremely volatile nature of virtual currencies.

“I’m a true believer in these networks, but it’s very volatile. They could be down 60% in two weeks,” he said.

Guazzoni isn’t wrong. The approach is certainly a risky strategy considering the recent fluctuation in prices. For example, bitcoin’s value plunged by more than one third in just a few days during December 2017, free-falling from a lofty all-time high of nearly $20,000 down to just $11,200. It has since seen some wild swings, although it has never come close to touching the ceiling it reached late last year and is now hovering around $6,900.

The listed townhouse recently made noise last year when Guazzoni and his wife were prosecuted $8,000 for renting rooms as units for short-term stays of less than 30 days, an illegal practice in the state of New York.

The Lenox Hill property can be found listed on vacation rental website HomeAway for $591 per night.

Property startup Slice is offering investors access to a share of $2 million in equity capital that will be used to construct a real estate development to be located in Chelsea, Manhattan, New York. However, there’s a big difference between this and other commercial capital raising strategies… investors are buying cryptocurrency.

Swiss watchmaker Manufacture Contemporaine du Temps (MCT) launched online sales this week, offering customers worldwide the freedom to purchase timepieces either via wire transfer or using cryptocurrencies.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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