London’s richest tenants pay their rent in Bitcoin

The wealthiest residents of London are now paying their rent in cryptocurrencies, specifically in the city’s most sought-after areas.

Knightsbridge Prime Property (KPP), a real estate company specializing in the leasing and sale of high-end luxury properties in central London, has completed a rental transaction of £45,000 per week in Bitcoin.

The company announced on Friday that the transaction was facilitated in collaboration with the crypto payment platform Bitcashier.

The use of cryptocurrencies in real estate transactions is not new. Several real estate giants have integrated crypto payment options into their sales and rental properties.

For example, the Californian real estate company Caruso Properties, in collaboration with Gemini Exchange, has offered its tenants the option to pay in Bitcoin. According to the LA Times, Caruso has also invested about 1% of its assets in Bitcoin.

Consequently, KPP’s recent Bitcoin transaction for a week’s rent in Herbert Crescent has sparked significant interest in the wealthy crypto community.

“Our latest rental deal in Knightsbridge, valued at £45,000 per week, was seamlessly processed through Bitcashier, marking a new era of convenience and security in luxury real estate transactions,” says Nik Malygin, Sales Associate at KPP.

The approach also ensures traceability and accountability, allowing buyers to conduct their own due diligence, the announcement continued.

Additionally, sellers at KPP gain access to a larger pool of potential buyers, especially those with crypto holdings worldwide. They can also avoid the typical hurdles associated with bank transactions, resulting in significant cost savings.

Crypto population in the UK

Regarding the UK’s crypto population, data from Finder indicates that 11% of Britons, or about 5.6 million people, have invested in cryptocurrencies by 2024. However, over 70% of the population state they have no intention of ever buying cryptocurrencies.

The majority of crypto investors in the UK are between 18 and 44 years old. Furthermore, the turnover in the UK’s cryptocurrency market is expected to reach £3 billion by 2027.

The country’s financial regulatory body, the Financial Conduct Authority (FCA), has expressed a positive outlook towards this asset class. In October 2023, the regulatory authority finally included crypto assets in its regulations after much discussion in the preceding months.