$45 million Malibu home: Dr. Chen willing to accept part payment in Bitcoin
Dr. Wei Tzuoh Chen, owner of a 9,000-square-foot beachfront estate is putting it on the market for $45 million. But putting a property on the market is not something that makes headlines. The interesting part of this news is that Dr. Chen is willing to accept partial payment in bitcoin for the property.
"I've been interested since it started, and I'm always watching what's going on," said Chen. "It's going to be the future. It just depends on which one is going to be stabilized in the current market.”
The beachfront Malibu home Dr. Chen is selling is a beautiful masterpiece that stands out in the ultra-luxurious California strip where it is located. It was designed by architect Ed Niles and is characterized by having angles in every direction and with most of its walls made like windows.
Dr. Wei Tzuoh Chen is a kidney specialist that has been living in the United States since the 1970s. He says he is fascinated with cryptocurrency and considers them as legitimate as the yen or dollar.
While Dr. Chen believes it is a risk, his fascination for it makes him willing to take those risks. “I’m not saying it’s safe. I just want to take a risk for investment. Just like everybody else,” he said.
However, Dr. Chen has said that he does not want the full payment in bitcoin, but has not revealed what percentage he is willing to accept in the cryptocurrency.
Bitcoin is a cryptocurrency that has been having a meteoric increase in investment during the last months. It has the characteristic of not being controlled by a single administrator and can be used to buy stuff worldwide electronically. Its detractors argue that the currency is too volatile.
Jamie Dimon, chief executive at JPMorgan said in October that bitcoin investors are "stupid" and that they would pay the price one day. But this does not seem to be much of a concern for Dr. Chen. Dimon recanted his words only recently.