Chamath Palihapitiya Admits To Being BTC Buyer Of 1.4 Acre Lake Tahoe Property

Several years ago a 1.4 acre property in Lake Tahoe sold for thousands of bitcoins and Chamath Palihapitiya just admitted recently that the buyer was him while discussing some of his investment loss porn.

At the time the buyer was described as a silicon valley entrepreneur and he handed over 2,739 bitcoins which had been worth around $1.6 million then, in exchange for the property.

Today that $1.6 million in bitcoins that he paid would be worth over $100 million.

It wasn't the first piece of real estate to be purchased with bitcoin and it won't be the last.

Buying Real Estate With Bitcoin

This was the first transaction of its kind for the development company involved, who had allegedly been a little concerned at the beginning on how to go about it.

Eventually they got help from BitPay to do the exchange and said it ended up being like any normal real estate transaction would be, only it was a bit faster.

This real estate transaction is believed to be one of the largest that has ever taken place using bitcoin, but there are several that have been carried out since 2009.

Chamath Palihapitiya also joins Mark Zuckerberg and several others in the tech space that have been invading the Lake Tahoe area and buying up a great deal of real estate there.

According to some brokers in the Lake Tahoe area, last summer they were facing a supply shortage because of the surge in demand with many coming to want a piece of the area.

A realty arm of a luxury real estate community from that region, said that they have been working with investors to find the right space even if that means working with cryptocurrencies like bitcoin to get the deal done.

“Many of our buyers are in the tech sector and are early adopters of bitcoin. We understand the importance of adapting to cutting-edge purchasing methods,” - M. Camp sales director B. Hull

Some of those in the real estate sector believe that it could be only a few more years before many more properties are being bought with bitcoin.

Pics: pixabay