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550 Bitcoins Will Buy You This Epic Mediterranean Palace

Got 550 Bitcoins (CRYPTO: BTC) laying around?

In a bucket list-type of activity, you could buy an 860 square-meter mansion more than 400 years old in Malta. In case you’re imagining what the weather would be like, the tiny archipelago with a population of less than 500,000 is located in the middle of the Mediterranean, about 50 miles south of Italy. So rest assured the sun would be epic on most days. Malta is earning the nickname “Blockchain Island.”

Bitcoin Please. 550 BTC For Palazzo Estate

At current BTC prices, the “Palazzo in the heart of Valletta” (capital of Malta) would set you back a cool $3.52 million USD. (But it could be palatable if you bought Bitcoin early at ten or twenty dollars each. Right?)

On Wednesday, cryptocurrency evangelist John McAfee tweeted about the Palazzo estate while traveling to a local blockchain conference. “Maltese Mansion goes on sale for BTC in advance of Malta conference.”

Ian Fitzpatrick, current owner of the extravagant property, will only accept Bitcoin as payment. So it does make possible a historic purchase for an adventurous would-be buyer. Such a transaction would likely garner widespread media coverage – and public adulation.

The mansion is listed on CryptoHomes.io, a site that catalogues real estate opportunities that buyers can acquire with digital tokens. According to CryptoHomes website, the firm has partnered with KnowMeNow, a know-your-customer (KYC) solution, to help facilitate a Bitcoin only purchase of the mansion.

Blockchain Island In The Mediterranean

Earlier this year, the world’s largest crypto exchange, Binance, set up operations in Malta in the hopes that “Blockchain Island” can offer a much friendlier business environment amidst regulatory uncertainty — and in some cases, a crackdown of cryptos — in other parts of the world.

On a date that marks America’s independence from colonial rule, the Maltese Parliament passed three bills into law on July 4, 2018. The new legislation establishes a regulatory framework for blockchain, cryptocurrency and distributed ledger technology (DLT).

Malta is the first country in the world to provide a regulatory framework for industry operators, according to Forbes. “I think that blockchain technology, DLT and cryptocurrency is where innovation is happening right now and we are very glad that Malta can offer the first jurisdiction in the world to regulate this sector,” said Prime Minister Joseph Muscat in a July 5 Forbes interview. “We are excited about what this will lead to in the future.”

Luxury Car Purchase For 50 BTC

Halfway across the world in Texas you can now buy a Rolls-Royce with 50 Bitcoins. (That amounts to $320,000 at $6,400 BTC prices.) Post Oak Motors, a Houston-area dealership owned by Houston Rockets owner Tilman Fertitta, announced it will accept Bitcoin and Bitcoin Cash through crypto payment processor BitPay.

“The rising of bitcoin sparked my interest,” the billionaire told TheStreet. “Being a premier luxury car dealer, I always want to offer my customers the very best buying experience and this partnership will allow anyone around the world to purchase our vehicles faster and easier.”

Tilman Fertitta is the sole owner of Landry’s, one of the largest restaurant companies in the U.S. The 61-year-old has an estimated net worth of $4.4 billion as of March 2018.

Articles by Marvin Dumont:

Cyber Criminals Are Finding Ways To Steal Your Cryptos

Bitcoin Insider Trading? $74M Short-Sell Is Suspicious: Expert

Cryptos To Reach $3.6 Trillion In 10 Years, Bitcoin At $143,000

Starbucks, Microsoft Back Bitcoin ETF And Stakes Are Huge

Disclaimer: The views expressed in this article belong solely to the author. Information contained herein should not be construed as investment advice.


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Marvin Dumont is former editor at Bitcoin.com and American Express. His byline appears on Fox News, Forbes, The Huffington Post and other outlets. Marvin began his career in corporate finance and audit. He earned MPA, BBA and BA degrees from the University of Texas at Austin.