For sale for 7 Bitcoin: Townsville shop owner selling in crypto despite currency crash
Since Don Booth listed his commercial property in Townsville on the market for seven Bitcoin, the cryptocurrency market has tanked.
One month ago, his retail premises would have fetched around $460,000. If it had have sold a week ago, that figure would sit at $341,000. But he is unperturbed by the volatility, after going “all in” on cryptocurrencies 12 months ago.
“I’m not planning to cash it out,” Mr Booth said. “From my point of view, I’m taking the risk that Bitcoin will go up.”
On the other hand, prospective buyers may not be so confident in the future of digital currency. Cryptocurrencies have been declining since November, wiping out billions of dollars in value and spooking many investors.
“There are a lot of people out there with Bitcoin who want to get out,” Mr Booth noted. “There are also people out there with thousands of units.”
He is also willing to accept Etherium or Solana currencies, which have also endured a turbulent few months.
The retail premises on the market – 10/16 Brampton Avenue – is spread over two titles in Cranbrook, in Townsville’s south-west. Mr Booth bought it roughly 20 years ago, when he was a tenant in the building. Five years ago, he sold his retail aquarium business to the current tenant, who remains on a long-term lease.
A lifelong Townsville resident, Mr Booth now works as an aquaculture curator at the local aquarium and has become an avid devotee of cryptocurrencies.
“I do an hour’s study on the markets and how it is going every night,” he said. “It’s very enlightening in many ways. My understanding of finance systems in Australia and worldwide is much better than it’s ever been.”
Mr Booth said he believed Bitcoin was a hedge against inflation, while acknowledging the market was extremely volatile and could be a “high-stress” environment. “In the short-term, it’s very uncomfortable,” he said.
While the transaction of properties in digital currencies is becoming more commonplace overseas, it is still rare in Australia.
“I think it will be a standard legal contract,” Mr Booth said, adding that his solicitor may need a digital wallet to use as a trust fund. “You really just are transferring like you’re transferring money.”
With one major caveat. “If you make a mistake in Bitcoin, that money is gone.”
The digital asset industry has a saying: all transactions are final. Or, as Mr Booth put it: “There is no bank manager to call.”
It’s new territory for many real estate agents, including Simon Wright of NQ Realty, who is handling the listing and said, “It’s the first time I’ve experienced asking for Bitcoin as payment.”
But many – including Mr Booth – believe blockchain technology will revolutionise the property industry and the wider finance sector. “This is the way the world is going,” he said.
