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CBS News 8 - San Diego, CA News Station - KFMB Channel 8 | cbs8.com

Forget that traditional mortgage, you can buy this La Jolla home with bitcoins

Cryptocurrencies have now broken through another barrier for real-world practicality.

SAN DIEGO — You'd expect a home in La Jolla with an ocean view to sell for $5 million, but what makes a property in Bird Rock different is the way you can buy it. Forget about that traditional mortgage - this seller will accept cryptocurrency, like bitcoin.

The home at 6052 La Jolla Boulevard has 4 bedrooms, including dual master suites with huge bathrooms and walk-in closets. The kitchen has top-of-the-line appliances and opens up into a spacious living room. Of course, there’s also a wine cellar, outdoor fire pit and a hot tub. 

“This home really does exude coastal contemporary Zen with the clean lines, newer construction and great all-around entertainer’s paradise,” said John Hodina with Compass Real Estate.

It's a home that will no doubt attract young couples looking to relocate close to San Diego's coast and, with changing times, they're not necessarily your typical - get a 30-year mortgage type of customer. 

“We're seeing a lot of prospective buyers come to view the home from Northern California,” said Jeff Katz, also with Compass. “A lot of them seem to be a little bit younger and so our feeling was that a lot of them may be dabbling in the cryptocurrency space.”

The owner of the home is willing to accept cryptocurrency, like bitcoin, which seemed gain to a lot of legitimacy this month when Elon Musk said Tesla will accept bitcoins for their cars. 

“It shows that the regular person now has a lot of trust in bitcoin,” said John Wu, President of Ava Labs. Wu’s company is looking to speed up the confirmation of cryptocurrency transactions. 

He says that speed is needed before cryptocurrencies can become more mainstream and used for everyday purchases. He also warns that, while many early investors in bitcoin are now millionaires, not all cryptocurrencies are the same.

“There are thousands, literally thousands and a lot of them you cannot trust,” Wu said. “You have to really, really know. That's what makes this transaction so special. Bitcoin has been around for 11 or 12 years. It has created trust.”

If you're new to cryptocurrencies, the whole thing can be pretty confusing, but after you buy the Bird Rock home for around 88 bitcoins, you can sit on your rooftop deck and have someone explain it to you!