Amusing stuff at the AFR:
Despite a sharp fall in bitcoin prices over the past eight months, some bullish investors are still willing to accept the cryptocurrency instead of Australian dollars for the sale of their multimillion-dollar homes.
…Now with one bitcoin worth $A8786, a prime piece of real estate in Sydney’s inner-city has hit the market with the option to buy in the cryptocurrency.
It is a risky move given a property deal is yet to be struck in Australia using bitcoin, despite several properties being offered for sale last year with vendors willing to accept payment in that form.
Risky? Cripes. Insane more like it. Pretty much the only asset deflating faster than Australian houses is BTC:
That chart is still a bearish descending triangle. BTC is still fundamentally worthless. It’s still in the regulatory gun.
My outlook for Australian house prices is for them to fall -40% over the next decade in real terms but I’d much rather take that than zero. (Of course, if you have a big, fat mortgage and slim equity then zero could look pretty good!)
