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Digital currency believers offer house for sale for 1,650 bitcoins, or $1.45M

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Leroy and Mary Hovey are selling their 3,400-square-foot mountainside house on nine acres in Lake Country for 1,650 bitcoins. Or, if you don't have the digital currency, they'll take $1.45 million in conventional cash.
In an Okanagan first, a Lake Country couple has listed their home for sale for digital currency.
"I believe bitcoins are the currency of the future," said homeowner Leroy Hovey, who's asking 1,650 bitcoins for the home.
"I just want to see what kind of reaction I would get putting the house up for sale for bitcoins."
Of course, Hovey will also take the equivalent in dollars for the 3,400-square-foot, four-bedroom mountainside home with fabulous views of Wood Lake and the valley.
Based on the Canadian average value of one bitcoin currently at $878, 1,650 bitcoins equals almost $1.45 million.
Bitcoin is a digital currency that fluctuates in value depending on demand.
It has gained worldwide attention for starting out at $15, going as high as $1,100 late last year, and then settling in around $880 right now.
Bitcoins have gained a following with investors who buy and sell them like stocks because bitcoins can rapidly go up or down.
However, their use as actual currency is fairly limited.
Rollingdale Winery in West Kelowna will accept bitcoins for wine sales and also uses them to buy supplies.
There's also a store in downtown Kelowna that buys and sells the digital currency.
"I play the market and find bitcoins very interesting," said Hovey.
"So I thought: Why not list the house for bitcoins? It will attract some attention and if someone falls in love with the house and they have bitcoins, then they can pay for it with bitcoins. Of course, a buyer could also pay cash if they want to."
Hovey has listed the house for sale himself with a sign at the end of the driveway and ads in the newspaper.
He hasn't had any inquiries yet, except for this newspaper reporter wanting to do a story on his unique approach in pricing the house.
Hovey, 74, and his wife, Mary, 69, are finding the house is too big for the two of them, and the nine acres of property and 300 yards of driveway require too much maintenance.
"When we sell, we'll downsize," said Hovey.
"We may even move back to Lethbridge, where we have family."
Hovey owned a roofing and sheet-metal business in Lethbridge for 40 years before retiring in 1999 to the Okanagan.
That's when he built the couple's dream home at 12005 Willet Rd.
The two-level, open-plan concept makes the most of the lake view with massive west-facing windows and a 10-foot-wide deck running 50 feet along the view side of the house.
"It's a must-see house, whether you have bitcoins or cash to pay for it," said Hovey.
"If someone buys it with bitcoins, I would cash some of them in so we could move, spend them as we needed to, but also hang on to some to see if they go up in value," said Hovey.
Hovey can be reached at 250-766-1860.

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