Malta is always in the news when it comes to cryptocurrencies and innovative projects in the field of blockchain. In the latest news, the country is offering a huge palace that is centered in the heart of Valletta for sale.
Worth $3 million, the mansion can only be purchased via Bitcoin. The current price is 550 BTC – which is definitely a great way to buy a palace that has historical value. Centered in the heart of the capital of Malta, this 860-square meter historic building can be easily transformed into a hotel or even office space.
Right now, Valetta is undergoing a complete transformation, selling its abandoned mansions and palazzos in an attempt to convert them into high-end boutique hotels that would cater the nouveau niche.
What’s also interesting is the fact that this building comes with a 3 million EUR price tag – but can only be purchased in Bitcoin – which gives investors an opportunity to claim the title of making it the first cryptocurrency property purchase in the well-known “Blockchain Island” of Malta.
Maltese Mansion goes on sale for BTC in advance of Malta conference.https://t.co/8uzPtHTRfu
— John McAfee (@officialmcafee) September 4, 2018
The sale is also part of an initiative known as CryptoHomes.io. The initiative seeks to make more real estate listings available for sale via crypto. As of recently, this company has partnered with Cubits (a trusted and well-established multi-currency wallet).
One of the main guys behind CryptoHomes, Dennis Avorin, said that the move was a big step in proving that cryptocurrency has a future, adding:
“Crypto is here to stay and we want to showcase that cryptocurrencies are not only commodities for speculators but also a means to purchase solid assets. Purchasing real estate with crypto is like purchasing real estate with fiat – the same due diligence and rules apply. We simply want to promote the use of crypto as a vehicle for solid investments and Malta is a great start with the incredibly strong real estate market that we have seen in the past few years”.
There are many other real estate companies in Malta which are also looking forward to the possibilities of buying property with cryptocurrency.
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Financial Analyst Gary Shilling: Bitcoin Is Some Kind Of A Grand Ponzi Scheme
“There’s supposedly a limit on there, but where is it written in stone that can’t increase? And of course, the electricity that’s churned out by the miners trying to solve these algorithms is just extraordinary.”He dismissed bitcoin by calling it a black box which is a very complex investment model. Also, Shilling noted that he is very suspicious of many things that are clearly not transparent and said that it is not the best idea to invest in something if you don’t understand it. There are plenty of reasons why bitcoin fails as a currency such as not being a store of value, it’s also not a medium of exchange and it is still not accepted universally.
“All the requirements that you normally have for a currency, it just doesn’t have. The only legitimate use I can think of in bitcoin is off-the-books kinds of transactions, underworld transactions. I just don’t see a legitimate use. It is a game,’’ said Shilling.However, the younger generation of tech millionaires is extremely confident that bitcoin will eventually manage to toss aside all other currencies. Some of them even predict bitcoin to reach a price of $250,000.
‘Time May Be Right’ For Home Crypto Mining: Coinbase CTO
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”This is a notable perspective mostly because Srinivasan previously founded 21.co which was a startup that emerged from stealth in 2015 and had an ambitious plan to embed Bitcoin miners in everyday devices- which was then backed by Coinbase Ventures. Following the Coinmine announcement, Srinivasan wrote:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine."As we can see from the above stated, the CTO of Coinbase seems optimistic about Coinmine's ability to add even more coins later, foreseeing a future where the company could play a key role in the launch of new tokens.
“I believe that decentralized mining is an important idea and worth trying again. It’s mining as Satoshi intended: many devices around the world with no single point of failure." Srinivasan concluded.
Crypto Exchange OKCoin Expands To Latin America, Launching A Fiat Market
"We’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence,” Buyn said following the official announcement.He also pointed that the Latin American market is extremely important for the exchange as it is for many crypto and blockchain industries.
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