An idyllic 13-acre Caribbean retreat at Bloody Beach Bay on Union Island has gone up on the market and can only be purchased with 600 bitcoin. On December 6, the price for bitcoin reached $13,000, so the property could be worth as much as $7.8 million.
Bitcoin’s value has risen more than 1,000 percent in 2017, and at about $190 billion, it now exceeds the GDP of 130 countries. As the value of bitcoin rises and more investors hop on the bitcoin train, it has become more popular for sellers to accept or require payment in this cryptocurrency (a digital currency secured with cryptography).
Union Island is part of Saint Vincent and the Grenadines. It has about 3,000 residents and is close to several more populated and well-known Caribbean islands, including islands Barbados, Curacao, and Grenada. The patch of land for sale is just a short drive from an international airport. The plot stretches down to Bloody Beach Bay’s white sands and crystalline waters. There is no home on the property, but it comes with plans to build a villa, beach bar, and guest lodges.
The Bloody Bay Company is handling the sale of the land, and a spokesman says this type of crypto-sale may make the most sense for millennials who have gained financial success through bitcoin:
“Although they may be millionaires in the virtual world, they cannot enjoy that wealth without spending it in the real world. By buying land or property they can enjoy a double hit; a rise in the value of their bitcoin paying for an appreciating investment in real estate.”
Also, if you’re wondering about Bloody Bay’s ominous name, it comes from its history as a whaling port; whales were disemboweled here and the waters were often reddened.
Other high-priced homes and properties are being sold for bitcoin in late 2017 as well. For example, in what is likely the first bitcoin-based property transaction in Australia, a five-bedroom house is now listed in Melbourne for about $820,000 or about 653 bitcoin, as of December 6, 2017.
“I’ve never had anyone transact in it. There’s a few logistics we still have to iron out,” the listing agent says. Another large home is for sale in Queensland for 100 bitcoin.
In November 2017, a rare gold Rolls-Royce Ghost was listed on Manchester’s Auto Trader that could only be purchased with bitcoin. Auto Trader lists more than 450,000 motors daily in the UK, and is the first to be sold specifically for bitcoin.
“It’s safe, convenient and incredibly valuable right now so, to me, it makes sense to trade my car this way. It’s the future,” owner Ali Hasan says.