Real estate giant prepares Bitcoin experiment

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One of Australia’s oldest and most-trusted real estate brands is preparing the world’s first ever live Bitcoin auction.

LJ Hooker, which was established in 1928, will work with auctioneer James Pratt and blockchain company NuYen to facilitate an online bidding war for 1 Beech Lane, Casuarina, New South Wales.

“This is a world first in real estate,” said Mr Pratt.

“We’re going to hold the very first live cryptocurrency real estate auction, with a live auctioneer taking bids on the house.”

How will it work?

  • The auction will take place at 11am on April 8, and will use a live auctioneer.
  • Viewers will be able to login and watch the LIVE auction take place.
  • The auctioneer will call bids in cryptocurrency, with the price to be converted and displayed in AUD and USD on a LIVE screen.
  • Payments can be made in both Bitcoin (BTC) and Binance Coin (BNB).

Why Binance (BNB)?

The price of the Binance token (BNB) has been unstoppable in recent months and the owner of the house, Greg Costello (also the president of NuYen), believes it’s a sound choice to accept the digital currency, along with Bitcoin.

“BNB is one token of only a few that has weathered the crypto winter and bucked the downward trends,” said Mr Costello.

“BNB is also growing in global use.”

The CEO of the Binance exchange recently claimed his business can survive many years, even in a prolonged bear market.

Bitcoin Real Estate
Greg Costello (President & COO NuYen), James Pratt (auctioneer), Ryan Lee (Vice President, NuYen), Nick Witheriff (LJ hooker).

Are people actually interested?

NuYen is confident the innovative auction will be a success, having already attracted interest from buyers in the US, Canada, China and Australia.

“We have already had parties register for the auction in less than 5 days of it being released,” Mr Costello said.

“There has been a lot of international interest and publicity and I expect to see this grow and grow as the auction gets closer.

“It already is extremely exciting and am looking forward to the climax.”

“I strongly believe this is the way of the future for property sales. We live in a digital world and it is only common sense to pull down the walls for international buyers.”

bitcoin real estate
The NSW property that will be sold in a live cryptocurrency auction.

Is this the future?

Mr Costello believes this may be the first live cryptocurrency auction, but it won’t be the last.

“All signs point to a borderless system where digital assets are traded for real assets,” he said.

“With so many forms of social media and companies like Amazon leading the way in international sales why should anyone selling a property or any item be restricted to only buyers within the local area.

“Amazon has proven this point and its about time other industries follow suit or be left behind.”

Will the seller keep the coins?

Once the sale has been completed, NuYen’s internal and secure exchange can facilitate the liquidation of the coins and then release them back to the market.

However, Mr Costello, a firm cryptocurrency believer, intends to hold on to as much of the BTC and BNB as he can.

“Some of the coins will have to be liquidated to release the mortgage but the rest will be held tight for future gains,” he said.

This story has been updates since originally being published as World first auction offers luxury Australian home for Bitcoin, BNB