Some of London’s richest tenants are now paying their rent in cryptocurrency.
One estate agent in the capital, Knightsbridge Prime Property, said it agreed for an affluent renter to pay their £45k per week fee to stay in a pad in the affluent Herbert Crescent through a Bitcoin transaction.
The luxury property firm has even agreed a partnership with cryptocurrency trading platform Bitcashier, describing it as taking “a step into the future”.
Crypto is a digital currency which is traded through a computer network that is not reliant on any central authority, such as a government or bank.
There are around 10,000 cryptocurrencies in existence, the most well known being Bitcoin.
The currency briefly hit a new all-time high of more than $69k (£59k) thanks to US finance giants pouring billions into buying the fund.
Emma Grubmueller, social media marketing manager at KPP, went on to say, “It’s not just a transaction.
“It’s a revolution in accessibility, transparency, and opportunity, transforming the landscape of real estate marketing and propelling the industry towards a future of boundless innovation and inclusivity.”
It comes amid a challenging time for London’s luxury property market, as it faces a slowdown due to tough economic climate.
The rich have turned to renting instead of snapping up homes as high interest rates and a tough buyer market have dampened interest.