22 Jan '14, 4pm

Why is this Las Vegas developer selling his $7.85 million mansion for Bitcoin?

Why is this Las Vegas developer selling his $7.85 million mansion for Bitcoin?

The largest transaction ever completed in Bitcoin, the virtual currency that approximates cash on the internet, was for $1 million worth of computer hardware. That’s impressive for a currency that’s only been around since 2009, but Jack Sommer hopes to top it — by a lot. The casino owner-turned-developer is selling his 25,000-square foot Las Vegas mansion for $7.85 million, and he’s willing to accept the whole sum in Bitcoin . "It’s very volatile, and of course… there is a lot of speculation," Sommer says, referring to the wild price swings that have made some traders rich. "But there seems to be a growing amount of trade and commerce involving Bitcoin as well. So it gives me the confidence that we can accept it as a viable currency." Two of Sommers’ seven children have been investing in Bitcoin since around 2010, the very early days of the experimental currency. They conv...

Full article: http://www.theverge.com/2014/1/22/5334238/why-a-las-vegas...

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