Cash or crypto: vendors accepting Bitcoin ‘a natural progression’

A unique sprawling property, including a beach house, studio and its very own island, has been listed for sale, with buyers offered the choice of cash or cryptocurrency when it comes to making payment.

The 162-acre property at Carmila, about an hour’s drive south of Mackay, was listed by Nutrien Harcourts agent Gary Johns, with a price tag of either $2.2 million or 30 Bitcoin.

The listing describes Aquila Cove as “your once in a lifetime opportunity to acquire your own unique, quiet, secluded beachfront tropical paradise on the coast at the end of the road”.

Aquila Cove comprises 68ha with about one-third on the mainland and two-thirds on a tidal island of forest and beach.

“The island is separated from the mainland by a tidal zone,” the listing reads.

“The northern and southern boundaries of the island are tidal creeks. The Pacific Ocean forms the eastern boundary.” 

A studio on the property is described as a “renovated liveable shed” with a bedroom, kitchen, bathroom and laundry.

It also has air-conditioning and “fast internet”.

A second dwelling, dubbed “The Beach House”, is on the bank of the tidal estuary and offers a bedroom, kitchen and bathroom.

The secluded beach escape is one of a growing number of properties listed in Australia over the past few years, where vendors have expressed a willingness to accept cryptocurrency as payment.

In 2019, a northern NSW beachfront home went up for auction with all bidding conducted in Bitcoin, while in 2020, a Victorian home was listed by an owner open to being paid via Bitcoin.

Earlier this year, Olympic swimmer Cam McEvoy listed his Isle of Capri villa for $1.5 million, offering to accept Bitcoin in lieu of cash.

The property was co-marketed by Josh Longhitano of Lucent in Burleigh Heads, who said accepting cryptocurrency opened the property up to a broader, and more diverse, audience.

“Some people are asset poor, or cash poor, but have a big crypto wallet,” Mr Longhitano said.

“This opens up the market to them.”

While the property ultimately sold for cash, Mr Longhitano said offering to accept cryptocurrency was a positive experience, from both exposure and marketing perspectives.

“We had four or five offers with cryptocurrency,” he said.

Cryptocurrency was also being accepted by the owner of a two-bedroom unit at Airlie Beach earlier in the year, along with a two-bedroom miner’s cottage in Queenstown, Tasmania, and a Surfers Paradise penthouse.

Mr Longhitano said he believed the use of cryptocurrency to purchase property would become increasingly common.

“I think this is a natural progression that we will see more of over time,” he said.

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Nicole Madigan

Nicole Madigan is a freelance journalist for Elite Agent.

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