An Angus commercial landlord is the first to accept rental payment in bitcoin, with the aim of attracting tech entrepreneurs to the city.
James Wilson, owner of Angus Properties, is now accepting a range of rental payment methods, one of which is bitcoin. He said that he hopes the decision to diversify will attract the ‘next Bill Gates’.
Bitcoin is a virtual, decentralised currency, created and held electronically. It can be purchased using traditional currencies, including sterling and the US dollar. The value of a single bitcoin is extremely changeable. It has risen dramatically this year, reaching an all time high last Wednesday at $11,427. This marks a significant uptick from its valuation at $1,000 in January. The value of a bitcoin has already fallen below $10,000 once again. However, Mr Wilson has stuck by his decision, claiming that bitcoin is the currency of the future. He believes he is the first Scottish landlord to accept payment in this way.
He said: ‘I am hoping this move will attract a wider market and people with a different slant on business who are invested in the future. These are the sort of people I’m looking to attract to my premises. There are all different types of payments now — cash is still there but there are many forms of electronic payment like paypal. I think you get the most from the market by making it easy for people and employing all these different types of payment methods.’
Mr Wilson is also prepared to accept various other cryptocurrencies, including Ethereum coins. He continued: ‘When I first heard about a bitcoin, I thought it was to buy a physical coin that was encrypted but of course it’s all digital. As people become more aware of the digital currencies and learn how to buy and sell them I think making payments in them will become more common. I will be accepting rent across my properties and it will be based on that rate that day. People are intrigued by cryptocurrencies and I believe they are going to be massive, I really do. People are looking for alternatives to store their wealth. With new technology people can trade from most areas of the world. Who knows we may attract the next Bill Gates to Angus.’