Dr. Wei Tzuoh Chen, a kidney specialist from the United States, is selling his $45 million dollar 9,000 square foot Malibu beachfront mansion. The real kicker? He is willing to accept Bitcoin as part of the sale.
Chen is not the first to sell his home for the cryptocurrency, and with it’s rising popularity, one could be fairly certain that he will not be the last. A quick Google search yields a number of stories of homeowners making the gamble.
Chen decided to make Bitcoin part of the deal because he was intrigued by the investment possibilities.
"I've been interested since it started, and I'm always watching what's going on," said Chen. "It's going to be the future. It just depends which one is going to be stabilized in the current market.
Not only does this provide Chen with a potentially lucrative investment opportunity, but it offers some tax benefits as well. Because the government has a hard time regulating cryptocurrencies, Chen believes he stands to save some money on taxes and see a higher property value.
"According to current situation, if you buy the property with cryptocurrency, it's difficult to identify the cost of the real estate because it fluctuates so much," he said. "The government will have a hard time to tax or put a property value on the house you are going to sell."
While his neighbors, and surely many who hear his story, believe Chen to be crazy for playing such a risky game with $45 million, Chen ensures he is being pragmatic about it. He has invested in cryptocurrencies, and believes that the banks are on the verge of buying into the market, which will cause the values to rise. However, Chen knows the volatile nature of Bitcoin, which is why he is only accepting part of the payment as crypto.
"I'm not saying it's safe," Chen said. "I'm just willing to take the risk for investment. Just like everybody else."