House In Essex Becomes First To Be Sold In Bitcoin

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A four bedroom house in Essex is about to become the first in the world to be bought using Bitcoin. 

The house which is valued at £350,000 is still under construction but the sale should be completed next week as the price of Bitcoin soars to around £18,000.

The person buying the house has remained anonymous but is believed to be a Bitcoin miner who’s converting his hard-earned cryptocurrency into bricks and mortar.

It may be a prescient move, as experts are warning that the cyber-currency may be about to burst.

Eric Schiffer, the CEO of Patriarch Equity investment group, has warned people to avoid Bitcoin as it could be the biggest financial disaster of our time.

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He told The Express

I think bitcoin is a ‘tower of death’. It is going to result in the imminent death of your investment – a thermonuclear death.

Right now we are looking at a financial bubble that is bigger than the tulip craze and I believe that we are headed for a bitcoin crash that will supersede any financial worries of the 21st century.

People are going to be shocked when they try to liquify their bitcoins.

Meanwhile, Go Homes has confirmed that a second house is being sold in Elmstead Green, Colchester for an eye-watering £595,000.

The group sales director of Go Homes, Ed Casson, who is making the sale told The Sun that this was unprecedented and marked a massive change in the way houses were sold.

He said:

This re-writes the rule book. And shows there is another way to sell property.

Globally this is the first time a domestic property has been sold for Bitcoin. It’s a bit of history in the making.

Selling homes for Bitcoin will become common in the next five years. And we are taking an opportunity to embrace this technology.

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In the last year, Bitcoin prices have had a meteoric rise, going from less than £750 per coin in January to £13,000 on Wednesday 6, December.

Unfortunately, the volatile nature of the currency means it is unlikely to maintain this value, not that this spells the end for crypto-currencies.

According to Schiffer digital currencies are the future it's just that the lack of regulation and oversight with Bitcoin means it will eventually fall but adds that successor will likely rise to take its place.