Aussie Olympian says he will accept bitcoin as a form of payment for his Gold Coast home

Real estate experts have issued a warning after a 27-year-old Aussie Olympian’s idea that could turn the Aussie housing market on its head.

Real estate experts have issued a warning after a 27-year-old Aussie Olympian said he will accept cryptocurrency as a form of payment method for his $1.1m Gold Coast home.

Professional swimmer Cam McEvoy listed his luxury Surfers Paradise townhome on the Isle of Capri earlier this month, saying he would take bitcoin or ethereum from a buyer.

Flying high in his sporting career, he bought the four-bedroom, three-bathroom property for $1.1m after returning from the Rio Olympics in 2016.

Since then he has been studying physics and mathematics and, in late 2017, he started investing in cryptocurrencies.

Speaking to the Courier Mail, he said he was well aware of how volatile the digital currency was in the short term, but that he had a “high risk tolerance”. Just days after he listed his property, the crypto market spectacularly crashed.

Swimmer Cameron McEvoy is listing his Isle of Capri home for sale and will accept Bitcoin as payment. Picture: Nigel Hallett

However, he said he believed in the “general movement towards decentralisation” and that bitcoin’s value would continue to rise in the coming years.

“I wanted to do something that was considered a little bit unique in terms of offering for the house to be paid for in crypto, or in Bitcoin more specifically,” he told the Courier Mail.

“I see that on another angle as a good investment as well, converting my initial investment with a property into something like Bitcoin.”

The idea is that the move will give buyers more options, and attract people who are not necessarily just cash rich or asset rich in a traditional sense.

Mr McEvoy’s four bedroom home.

Mr McEvoy is competing in the Tokyo Olympic swimming trials in Adelaide next month.

Mr McEvoy is not the only one looking to boost his bitcoin wallet by selling his home.

Records show at least one other Gold Coast property owner is allowing buyers to pay with digital currencies.

They’re not doing anything wrong either, as the Real Estate Institute of Queensland (REIQ) said cryptocurrencies were approved for use in Australia.

However, financial experts have warned against other homeowners across Australia following suit.

Finance expert Dr Tracey West told the ABC Bitcoin had little tangible value and she had concerns about the legal recognition of a property transaction if it were to occur in Bitcoin.

“Bitcoin is not recognised as legal tender by the Reserve Bank of Australia. It does not meet the key characteristics of money,” Dr West said.

The is currently listed for sale.

“It is not widely accepted as a means of payment, its price fluctuations mean that it does not store value, and it is not a common way of measuring the value of goods and services.”

She said this means the buyer/seller may have difficulty finding finance and conveyancing companies and insurance that will deal with a transaction in Bitcoin.

“I don’t think it is a legitimate way to purchase a house,” she said.