• Cryptocurrency is now an option for Australian homebuyers

  • According to a press release, Australians can now buy a house using cryptocurrency, as Lloyds Auctions Australia has announced it is accepting Bitcoin for real estate purchases in online auctions.

    While Covid lockdowns limited the ability of in-person real estate auctions to take place in Australia, Lloyds began looking for digital alternatives to allow prospective buyers to continue to participate in sales, such as online auctions and offering digital walkthroughs of properties. The first of the auctions, which will run until the end of the month, began last week, and Lloyds says there has already been a lot of interest in the online format and cryptocurrency as a payment method.”As confidence in cryptocurrency grows, the use of cryptocurrency as a payment method is becoming more common for purchases,” said Lee Hames, chief operating officer for Lloyds Auctioneers and Valuers, in a statement. “This exposes our platform to a whole new audience that might not have been interested in purchasing property otherwise.”Lloyds began accepting cryptocurrency as payment for all goods on its marketplace earlier this year, which resulted in the sale of a caravan worth AU$100,000 (US$76,000) being paid in Bitcoin within hours of the new payment method’s launch. This came just days after Sotheby’s announced that it would accept cryptocurrency in the upcoming auction of a 101.38 carat diamond, which eventually sold for HK$95.1 million (US$12.3 million), setting the record for the most expensive physical object ever purchased with cryptocurrency.An anonymous buyer paid US$22.5 million in an undisclosed cryptocurrency for a property in Miami in June, the highest price ever paid for real estate with cryptocurrency. In addition, the sale broke the city’s highest price-per-square-foot record.

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