A London property developer is to allow its tenants to pay their deposits in bitcoin – the first time the virtual currency has been used in the UK residential homes market.
OK, right….it’s a deposit note.
The standard deposit is £500 – for all unit types and sizes – and The Collective has pledged “spot conversion”, which means it will bear any financial risk while holding the deposit, returning it at the original value when the tenancy finishes.
We might even imagine that they expect it to continue to rise in value leading to a nice little profit there.
Or, of course, the bubble might burst…..