Billionaire property tycoon Nick Candy is promoting his two-story penthouse overlooking Hyde Park for a cool £175mn (US$240mn). The kicker is, he’s open to accepting Bitcoin.
Despite BTC cracking $64k this week to put up a brand new all-time excessive, debate on cryptocurrencies’ legitimacy continues to rage. However, Candy’s willingness to take Bitcoin is proof that opinion is altering, even when it’s at a snail’s tempo.
Bitcoin as a Store of Wealth
Candy is a former promoting government who, within the mid-90s, determined to renovated flats in his spare time. By 1999, enterprise was booming, so he determined to stop his day job and go into property full time.
A partnership, beneath the title Candy and Candy, was shaped along with his brother, Christian. From there, the pair modified their focus to purchasing up buildings and finishing up high-end renovations.
Nick took sole possession of the corporate in 2018. It was about this time that he started diversifying his pursuits exterior of property. His non-public funding fund, Candy Ventures, has funded a variety of startups, together with a steel exploration firm and a biotech well being agency. But a constant theme all through the portfolio of corporations is expertise.
Candy didn’t go into element on accepting Bitcoin and Ethereum for his swanky Hyde Park penthouse, solely that cryptocurrencies current a “big opportunity.”
But Candy’s nod of approval echoes a wider concern, notably because the panic scenario has emphasised the significance of hedge property.
Chris Roper, Communications Chief at MyConstant, an alternate finance startup, stated the preliminary demand for hedging has become one thing extra profound. Investors now anticipate progress and safety, which is why cryptocurrencies have been gaining favor in current occasions.
“People want to diversify into alternative investments and cryptocurrencies offer everything from collateral-backed lending to store-of-value protection to forex-style trading.”
The London Property Market is Insane
Much like Bitcoin, the London property market has been referred to as an unsustainable bubble for effectively over a decade at this level. The common worth of a home in London is greater than double in comparison with the remainder of the U.Ok.
Data from the Office of National Statistics confirmed in This autumn 2020, the typical London home exceeded half 1,000,000 kilos for the primary time, at £514k (US$708k). Whereas elsewhere within the U.Ok., a mean home would value £250k (US$345k).
Candy’s condo takes issues to the intense. The property is cut up over two ranges, has 5 beds, a 21m swimming pool, a spa and fitness center, two terraces, a champagne room, a wine cellar, and a media room.
It boasts 18,000 sq ft (1,670 sq m) of area, and maybe most vital is its fascinating location within the coronary heart of well-to-do Knightsbridge.
Interested events with a spare 2,700 BTC handy ought to contact property brokers Frank Knight for a viewing.
Source: BTCUSD on TradingView.com