Offering 50,000 Bitcoin for a New York City apartment worth $14 million back in 2015 might have been a bold move, yet the seller will likely be looking back with regret after passing on the now jaw-dropping deal.
It seems wild to think now when Bitcoin is valued in the tens of thousands – breaking beyond $100,000 at several points in the last year – but there was a time when cryptocurrencies were little more than a laughing stock when it came to their value.
The world's first Bitcoin billionaires were mocked when they revealed their intention to invest in the new unregulated economy, yet they’ve more than laughed their way to the bank with the money they’ve earned from the bold move.
One seller likely wishes that they’d been as adventurous back in 2015 though, as they were offered a choice between cash and crypto when offloading a $14 million home, and while at the time it seems like they made the no-brainer choice, it looks ridiculous in retrospect.
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As reported by Supercar Blondie, real estate broker Ryan Serhant featured in the fourth season of reality TV show ‘Million Dollar Listing New York’, which focuses on the Big Apple’s most expensive housing deals.
When dealing with a listing for a two bedroom apartment valued at around $14 million, Serhant received an offer of 50,000 Bitcoin from a buyer — roughly equivalent to $13 million at the time depending on when in 2015 it was recorded.
While the offer wasn’t immediately dismissed, both the legality and practicality of it was questioned by the broker, as cryptocurrency was still in its relative infancy at this time.
The seller was unwilling to accept the alternative currency for the house though, opting instead to go for the ‘safer’ cash option, but they’re bound to have regretted it now.
Right now, with Bitcoin ‘crashing’ down to around $67,000, that 50,000 offer would be worth a staggering $3.35 billion — and it would have been even more just a few months ago.
Bitcoin peaked at $123,510 in July last year following a number of key moves from President Donald Trump, and 50,000 coins at this value would be worth $6.18 billion in total, which is 44,000% more than the $14 million they took for the apartment.
Of course, to get this the seller would have needed to hold onto the Bitcoin for ten years straight, passing up many opportunities to sell along the way, but if they had the restraint it would have paid off big time.