Last May, I published a real estate listing.
It wasn’t my new side gig. What made the 5 Ridgewood Road property “06880”-worthy was the price.
You could snag the 5-bedroom, 4 1/2-bath, 4200-square foot home off North Kings Highway for just 250BTC. Or 3,030ETH.
Those aren’t typos. That was the cryptocurrency price.
“Be the first to make a Blockchain Home purchase,” the New York Times said.
This week, the house finally sold.
The buyer paid $1,510,000. The listing price — once it was changed to dollars — was $1,588,000.
Alert “06880” reader David Loffredo notes that when the home was first marketed at 250 bitcoin, BTC was $8,333. That equated to a little over $2 million.
Today, David says, BTC is $3,752. So the owner would have less than $1 million of it in the bank, had he or she accepted the cryptocurrency and held onto it.
Which, he adds, “so many of them do. They remember when it was closer to $20K.”
The moral of the story?
All that glitters is not gold.