Sellers allow homebuyers to pay in Bitcoin but experts warn of ‘highly volatile’ currency

PHOTO: Bitcoin

Queensland’s peak real estate body says vendors need to think carefully about accepting cryptocurrencies as payment for the sale of their homes.

The owners of at least two Gold Coast properties currently listed for sale will allow buyers to pay with digital currencies, like Bitcoin.

The Real Estate Institute of Queensland (REIQ) said cryptocurrencies were approved for use in Australia.

But corporate affairs manager Olivier Bjorksater-Bleyock advised vendors and potential buyers to be cautious.

“When it comes to using cryptocurrencies, such as Bitcoin for real estate, it can become a little tricky because of the high volatility,” Mr Bjorksater-Bleylock said.

“So to actually assign an actual price in Bitcoin, or any other cryptocurrency to a property, can be quite difficult.

“It means then you’d have to negotiate that price in a very short period of time.”