Billionaire real estate tycoon Nick Candy is selling his two-story penthouse overlooking Hyde Park for a cool £ 175 million ($ 240 million). The kicker is that it is ready to accept Bitcoin.
Although BTC cracked $ 64,000 this week to hit a new all-time high, the debate over the legitimacy of cryptocurrencies continues. However, Candy’s willingness to take Bitcoin is evidence that even if it’s at a snail’s pace, minds are changing.
Bitcoin as a store of wealth
Candy is a former advertising professional who decided in the mid-1990s to renovate apartments in his spare time. Business was booming by 1999, so he decided to quit his job and go into real estate full time.
A partnership was established with his brother Christian under the name Candy and Candy. From there, the two focused on buying up buildings and doing quality renovations.
Nick took sole ownership of the company in 2018. It was around this time that he began to diversify his interests outside of property. His private mutual fund Candy Ventures has funded a wide variety of startups, including a metals exploration company and a biotech healthcare company. However, technology is a common theme in the entire company portfolio.
Candy didn’t go into detail when accepting Bitcoin and Ethereum for his fancy Hyde Park penthouse, only that cryptocurrencies were a “big opportunity”.
However, Candy’s nod of approval is of greater concern as the panic situation has underscored the importance of hedge assets.
Chris Roper, chief communications officer at MyConstant, an alternative finance startup, said the initial demand for coverage has shifted to something deeper. Investors now expect growth and security, which is why cryptocurrencies have grown in popularity recently.
“People want to diversify into alternative investments, and cryptocurrencies have everything from collateral-linked loans to store-of-value protection to forex trading.”
The London real estate market is insane
Much like Bitcoin, the London real estate market has been labeled an unsustainable bubble for more than a decade at this point. The average price of a house in London is more than double that in the rest of the UK.
Data from the Office of National Statistics showed that the average London home topped half a million pounds for the first time in the fourth quarter of 2020 and stood at £ 514,000 ($ 708,000). While elsewhere in the UK the average house would cost £ 250,000 ($ 345,000).
Candy’s apartment takes things to the limit. The property is split over two levels and has 5 beds, a 21 m pool, a spa and fitness room, two terraces, a champagne room, a wine cellar and a media room.
It has an area of 1,670 square feet and is perhaps the most important location in the heart of affluent Knightsbridge.
Those interested in a replacement of 2,700 BTC should contact real estate agent Frank Knight for a viewing.
Source: BTCUSD on TradingView.com