A BRISBANE property developer is jumping on the cryptocurrency bandwagon by offering to accept digital currency as payment for its latest mega mansion.
Brothers Rob and Andrew Gray of Graya have revealed the first renders of the new trophy home they are building on Hamilton Hill.
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‘Scorpia’ promises to be the boldest home the boys have designed to take to the market, but buyers will have to stump up some serious Bitcoin or Ethereum to afford it.
The home will be built on Prospect Terrace next to ‘Larc’ — a mansion also designed by Graya that sold off-the-plan for more than $8 million in late 2020.
Fusing Greek and Spanish architecture, ‘Scorpia’ has been designed by KP Architects and will offer incredible city views from its hilltop location.
Graya managing director Andrew Gray said prospective buyers would be able to purchase the home using whatever mode of payment they wished, but offering cryptocurrency as a method of payment opened the property up to a wider buying audience.
“Cryptocurrency is here to stay, and is the way of the future” Mr Gray said.
“We want to market this property to all buyers, and many younger investors have a lot of their wealth tied up with cryptocurrency. Why limit the properties selling potential? It’s time to embrace these technology shifts and normalise them.”
Given the volatility of the cryptocurrency market, buyers will only be able to use established modes such as Ethereum and Bitcoin.
“We understand that digital currencies come with a certain degree of risk,” Mr Gray said. “However, Bitcoin and Ethereum have become reliable forms of investment, and there is a whole market of buyers out there who are asset rich in the crypto space.
“These are the buyers we want to connect with. It’s been reported that in Miami there are currently 16 oceanfront properties for sale that are accepting Bitcoin and Etherum as payment methods, it’s only a matter of time until this becomes common place in Australia.”
A search of national property listing websites shows there are very few sellers advertising their properties who have declared they will accept crytocurrency as payment.
Olympic swimmer Cam McEvoy recently put his Gold Coast villa at 1/40 Via Roma on the Isle of Capri on the market with the offer of accepting Bitcoin.
McEvoy, 27, who went to the London and Rio Olympic Games, did not end up selling it via cryptocurrency, however.
The Soul penthouse in Surfers Paradise was also available to buy with cryptocurrency, but ended up selling at auction for the cash unconditional sum of $15.25 million.
According to CPA Australia, almost one in five Australian taxpayers invest in cryptocurrency.
“Millions of Australians are exploring non-traditional alternatives to shares and property to build their wealth,” CPA Australia senior tax policy manager Elinor Kasapidis said.
“Like other capital losses, crypto losses are deductible against your capital gains. So, if you’ve lost money on your investment, you can deduct it from other gains you’ve made.”
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