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