A Northern Territory man has spoken to micky.com.au about his decision to sell his home for Bitcoin during the cryptocurrency’s longest ever bear market.
Daly Kelly is selling his seaside apartment in Darwin for AU$600,000, or the equivalent in Bitcoin – approximately 127 BTC based on current prices.
“I’m mainly selling in Bitcoin because I think the price at the moment, in my view, is pretty low compared to what it could reach in the next five years,” he tells Micky.
“I’m in for the long haul, I guess you’d say, I don’t ride the waves up and down of joy and heartache.”
The engineer, who works for Darwin LNG, became interested in cryptocurrencies after being introduced to blockchain technology.
“Blockchain technology was described to me and I thought wow this is such a good idea… Obviously Bitcoin is the first and most successful application of that.”
He says he was involved in Australia’s second ever ICO, CanYa, and first bought Bitcoin in November 2017.
But what if the Bitcoin price collapses in the hours or days after sealing his Bitcoin sale?
“That’s a concern, but I’m not worried about it,” says Mr Kelly.
“The thing I’d probably do is convert some back to Australian dollars at least to cover the existing debt on the property.
“I’m relatively enthusiastic about it (crypto), particularly from a technological point of view.”
While he says there’s been no interest yet from potential Bitcoin buyers, he believes Bitcoin property deals are beneficial for both buyer and seller and more vendors should consider a Bitcoin sale.
“I think that the application and the use of Bitcoin is really advantageous because you cut out the middle man.”
Mr Kelly’s unit is among a list, recently obtained by Micky, showing Australian properties currently for sale in which vendors are seeking part or full payment in cryptocurrency.