[Update 1: No major currency is pegged to metals as the original article stated.]
Taking real estate purchases in the Lone Star state to a new level, Kuper Sotheby's International Realty said it finalized the first-ever home in Texas that was purchased entirely with the cryptocurrency, bitcoin.
So far, and to no surprise, most of the homes purchased with Bitcoin have been on the higher end of the market, with this latest luxury home sale no different.
Located in Austin, the Capital of Texas, the newly built custom home boasts grand entertaining areas, a kitchen fit for a chef, lavish master suite and a finely landscaped backyard, according to the brokerage.
It’s not clear if the property will be breaking any record though since the home, which was finalized mid-summer, was purchased for an undisclosed sum.
In comparison, HousingWire wrote an article back in August 2014 on the most expensive bitcoin real estate purchase to date, which was in a posh Lake Tahoe, California community. The community broke the record with a land sale for $1.6 million in bitcoin.
Martis Camp, which bills itself as “North Lake Tahoe’s premier luxury real estate community,” has sold a 1.4-acre home-building site to an undisclosed buyer for $1.6 million worth of the virtual currency.
For those new to digital currency, Bitcoins are a long series of incredibly complex, military-grade encrypted alphanumeric characters that can be stored on a piece of paper, in a digital wallet or on an individual computer.
Bitcoin is subject to wild fluctuations in value as its value is based purely on supply and demand, unlike the dollar and other national currencies that have fiat value.
At the time of publication, one bitcoin (BTC) is valued at more than $3,429.
J Kuper, principal broker of Kuper Sotheby's, couldn't be more ecstatic about the sale. "I'm always impressed by the brilliant work our associates do to service their clients' unique situations," he said.