Property is fast becoming a preferred investing option for advocates of Bitcoin and other cryptocurrencies, an investment company claims.
Sequire Property Investment claims that 25 per cent of those it surveyed admitted that their property purchase was wholly or in part funded by profits from cryptocurrency.
Daniel Jackson, sales director at Sequre, comments: “Cryptocurrency has seen its profile increase rapidly over the past five years, and the people who have lots of it are now looking to find ways of making it work for them, rather than sitting on it and hoping it doesn’t crash.
“Property, with its solid value and good returns is, unsurprisingly, second only to stocks as the most popular crypto investment asset.
“Within the industry, buy to let is one of the most profitable and immediate pathways to good investment and, despite the UK government’s attempts to dampen profit margins, crypto investors are looking to the sector to balance their portfolios.”
Earlier this year Nigel Leary, a director of the National Crime Agency, told The Times that he had “serious concerns” that properties were being purchased with cryptocurrencies by organised crime syndicates laundering cash.
In the summer Leary said he was sceptical of those paying for high-value items such as property via cryptocurrency, because the main reason behind that choice of payment method was that it had the identify of the buyer and the source of their wealth.
He also advised the property industry that until greater crypto-regulation was introduce, checks on transactions made using currencies like bitcoin should be made.