The vendors of a super-prime mansion in Notting Hill are betting big on the future of cryptocurrency, by vowing to accept payment in Bitcoin alone.
The six-storey stucco-fronted stonker on Stanley Gardens – valued at between £17m and £18m – is reportedly being brought to market later this month by property investment company London Wall, which has owned the property for five years and recently finished converting it back from apartments into a single residence.
A number of Bitcoin-themed stories have been doing the rounds in recent months, but this is the first instance we’ve come across where only those buyers paying via the digital currency appear to be in with a shot.
There’s a fair few issues to iron out first, including how tax and agency fees will be sorted out for starters, but the wider aim, according to the firm’s co-founder Lev Loginov, is to “shift some perceptions”.
He told the Standard: “We think in future it is going to eliminate the need for solicitors and property title and is really going to change how real estate transactions are conducted.
“We would like to be the first company to transact in Bitcoin. It can be done quicker, more efficiently and it is much easier to deal with than using banks, which are putting in unnecessary over-regulation.”
According to CNBC, Loginov said his operation has a “pipeline” of properties ready to hit the market, which will also only be available to buy in Bitcoin.
He added: “In 10 years from now cryptocurrencies will take over. It will be in wide use just like debit cards and credit cards.”
Business intelligence firm Quintel and barrister James Ramsden QC have been brought on board for the Stanley Gardens sale to make sure the funds are from “legitimate sources”.
When quizzed on the practicalities, Loginov said: “I grew up in Siberia post the Soviet Union collapse in the Nineties. We had no money, and barter was a common thing. We were exchanging potato bags for TV sets and cars. I’m sure leading London agents can figure out how to take commissions for a £17 million property in cryptocurrency and I have full faith in HRMC to figure out how to tax it.”