Irish property developer Hagan Homes has recently announced that it will be happy to accept Bitcoin as a method of payment for its future developments.
The outfit, based in County Antrim, home of the Giant’s Causeway, Dunluce Castle and several other prime locations of the hit series Game of Thrones, is the region’s largest property developer and has a current annual turnover in excess of £18 million.
“Embracing Innovation”
With interest growing in both Northern Ireland and Bitcoin, managing director James Hagan states that the decision is simply a response to the market and should appeal particularly to the “increasing number of international investors establishing businesses in Northern Ireland.”
Whilst acknowledging that there are some risks in the approach due to Bitcoin’s price volatility, Hagan nonetheless feels that it is time to “embrace the innovation.”
Hagan may have taken some of his inspiration from celebrity business woman and EQUI founder, Michelle Mone, whose own Dubai-based property business also accepts Bitcoin. Last year Mone announced that of the 1,300 apartments she was selling in the emirate kindgom, 50 were to be priced in BTC.
According to Mone’s business partner, Doug Barrowman, it wasn’t long before they sold out. “Some bought ones and twos, and one individual bought ten,” Barrowman said.
To hedge against price volatility, the bitcoin payments were converted immediately to USD before hitting Barrowman and Mone’s accounts. A similar approach has been confirmed in a communication to ICOExaminer by Hagan Homes.
