The owner of a $3 million palazzo in the heart of Valletta will only accept bitcoin for the sale of the property, CCN (Crypto Coins News) has reported. 

The property, which is 860 square meters holds permits to be changed into a hotel or an office space can be bought for 550 BTC. 

Should it be sold it will be the first cryptocurrency property purchase on the island, which has made headlines as a leader in both this and the blockchain sectors. 

John Mcafee, the man behind McAfee Antivirus, who will also be attending the Malta Blockchain Summit in November, also tweeted on the sale.

CCN quoted the property’s owner, Ian Fitzpatrick, as highlighting the number of high net worth individuals who are looking at Malta as a place to invest their crypto wealth.

The property is being sold through CryptoHomes.io, a company based in Sliema which will look to make more real estate listings available to cryptocurrencies.  The company has partnered with KnowMeNow – a blockchain based ‘Know-your-customer’ solution. Remax Malta has also offered a similar service, however, there are no listings as of yet.

CCN also quoted Dennis Avorin, one of CryptoHomes’ initiators, as saying:

“Crypto is here to stay and we want to showcase that cryptocurrencies are not only commodities for speculators but also a means to purchase solid assets. Purchasing real estate with crypto is like purchasing real estate with fiat – the same due diligence and rules apply. We simply want to promote the use of crypto as a vehicle for solid investments and Malta is a great start with the incredibly strong real estate market that we have seen in the past few years”.

A previous sale, it has been reported, has already taken place in Montenegro, however, this was covered to flat currency upon purchase.