A 13-acre slice of a Caribbean island has gone on the market for £5.3million – but whoever buys it will have to pay in Bitcoin.
The tropical hideaway on Union Island in St Vincent and the Grenadines, is one of the latest multi-million pound properties where the owners will only accept the digital currency.
There is currently no house on the land being offered for sale at Bloody Beach Bay – but it does come with plans to build a villa and beach bar.
The owners of the tropical hideaway for sale on Union Island – in St Vincent and the Grenadines – will only accept Bitcoin as payment
The land for sale covers a 13-acre site that runs down to the white sands of Bloody Beach Bay
The land for sale is within a few minutes of a small airport linking Union Island with St Vincent and the other Grenadine islands.
On the neighbouring Canouan Island, more than £150million has been spent by the owners of the famous Sandy Lane resort in Barbados on developing the Pink Sands Club.
They’ve also added a 6,000 ft runway – the longest in the Grenadines and a multi-million dollar super yacht marina.
The land for sale follows a gold Rolls-Royce listed on Auto Trader last week for £117,995 that could also only be bought with Bitcoin
A spokesman for the Bloody Bay Company, which is handling the sale, explained how the owners had decided to only accept Bitcoin as payment following the cryptocurrency’s phenomenal rise in value this year.
Having started the year at around the $1,000 mark, Bitcoin has since risen to $11,800.
The property is selling for 600 Bitcoin, the equivalent of $7.1million or £5.3million, at today’s price.
He said: ‘Babyboomers benefitted enormously from rises in the value of their property. Their children – the millennials – have missed out on these kind of life changing windfalls, so cryptocurrency represents a way for them to amass wealth like their parents.
The property currently has no house on the site, but it does comes with plans to build a villa and beach bar
The idyllic plot of land is an opportunity to build your own Grand Designs in the Caribbean!
The plans also suggest ideas for guest lodges where family and friends can stay
‘Although they may be millionaires in the virtual world, they cannot enjoy that wealth without spending it in the real world.
By buying land or property they can enjoy a double hit: a rise in the value of their bitcoin paying for an appreciating investment in real estate.’
He added: ‘Someone wise or brave enough to have got in early on the cryptocurrency phenomenon could soon be lifting their rum cocktails to toast the bargain of the century.’
The land for sale is within a few minutes of a small airport linking Union Island with St Vincent and the other Grenadine islands
While Bitcoin is not illegal, it is not considered legal tender in Britain and operates without a government or central authority
The plans for the property make the most of the stunning location on Bloody Beach Bay
Bitcoin is known as a cryptocurrency, as cryptography is used to keep transactions secure, allowing anonymous transactions between individuals without the need for banks or central banks.
It uses a technology known as blockchain, which is a shared record-keeping and processing system that means digital money cannot be copied and spent more than once.
While Bitcoin is not illegal, it is not considered legal tender in Britain and operates without a government or central authority.
It means Bitcoin is not covered by UK regulatory protection, such as the Financial Services Compensation Scheme, ltc electrum wallet which covers the loss of up to £85,000 in a bank or savings account.