Home / Business / Bitcoin LATEST: Man selling $45million home with Bitcoin is worth RISK | City & Business | Finance

Bitcoin LATEST: Man selling $45million home with Bitcoin is worth RISK | City & Business | Finance

buyers could have the opportunity to purchase Dr Wei Chen’s luxury $45million Malibu mansion.

Speaking on CNBC, Dr Wei Chen said: “For this type of house and this type of amount, I think it will attract more international buyers than in our country. 

“I’m not saying it’s safe. I just want to take a risk for investment. Just like everybody else.”

Dr Wei Chen said he does not want the full payment in the cryptocurrency but would not reveal what percentage he would be willing to offer. 

Bitcoin is a cryptocurrency not controlled by a single administrator and can be used to buy things worldwide electronically. 

But the cryptocurrency has faced criticism for its unpredictable volatility. 

JPMorgan chief executive Jamie Dimon said in October Bitcoin investors are “stupid” and will pay the price for it one day.  

But Mr Dimon later said he regrets calling bitcoin a fraud. He told Fox that the “blockchain is real”. 

He said: “You can have cryptodollars in yen and stuff like that. ICOs… you got to look at everyone individually. The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big. And I just have a different opinion than other people.”

Jehan Chu, a cryptocurrency trader, predicted bitcoin could reach $50,000 by the end of 2018 as it continues to surge in price.

He said: “I really think in 2018 not only will we see $50,000 price levels for bitcoin, but I think we’re going to be seeing cryptocurrency and blockchain technology from its adolescence.”

Bitcoin price has dropped but the cryptocurrency is set to succeed in the long-term as store of value performing better than gold, according to Andy Bromberg, CEO of Coinlist. 

The price declined by 9.17 percent to $13,525.40 at 20.47 on Thursday, according to CoinDesk. It saw its highest value before Christmas when it reached the monumental price of just under $20,000. 

Speaking on CNBC, Mr Bromberg said: “For bitcoin we look at it very similar to how we value gold. The value of gold doesn’t come from its inherent value and its usage for specific applications but rather in the trust that people have put in its store of value. 

“Bitcoin has some really interesting properties that are better than gold.”

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