CNBC reports that although cryptocurrency payments are still unique, people in the Real Estate community are buying houses in BTC. CNBC’s journalist Diana Olick visited a house in Manhattan California which sold for bitcoin, stating that the market now is more open to making settlements in cryptocurrency. The popularity of cryptocurrency in Real Estate is growing as several homeowners do not mind selling their property in virtual currencies.
A few years ago, crypto enthusiast and Real Estate agent Tony Giordano listed a house in Malibu with BTC as payment currency, although it sold in USD. Nevertheless, in a recent interview with Diana, Giordano mentions that the idea of purchasing a house in bitcoin has become more popular. He stated, “People are asking more often how do I go about buying a home using bitcoin or cryptocurrency as the form of currency for buying real estate.”
Interest in Cryptocurrency Grows
Tony Giordano’s Real Estate Agency, Opulent, has a division that advises and helps Real Estate investors in purchasing a property using crypto. The crypto expert shared some major pointers that investors should not overlook if they are determined to buy a house in bitcoin. They should first find an agent versant with BTC, an attorney who has handled Real Estate cryptocurrency purchases, and a trustworthy Escrow service that will hold on to the coins until the buyer and seller come to an agreement.
Nonetheless, the majority of people are making offers in USD rather than BTC. Investors with ready cash are more likely to convince sellers than people who offer cryptocurrency since with crypto, there are a bit more processes to handle. However, if the sale happens on a global scale then the introduction of crypto might hasten the likelihood of the house being bought in virtual currencies.
Selling in Cryptocurrency
This year, a variety of goods have been sold in crypto as companies like Tesla have decided to make sales of their products in BTC. Houses in places like Florida, New York, California, and Utah are going for bitcoin prices ranging from 12 BTC to 60 BTC. Even crypto enthusiast and founder of Altcoin Trader, Richard de Sousa, made a house purchase in crypto without the use of a single banking system procedure. It brews confidence that someday cryptocurrency might serve merchants better than fiat someday.
A few years back, a man in the Netherlands sold all his belongings in BTC with a full-blown hope that the digital currency will boom. The investor, Didi Taihuttu, is still currently holding on to his BTC investments and is sure that the crypto world-beater will hit $200K by the end of 2022. With his family by his side, he said he will not give in to the temptation of selling as according to him, BTC has not yet gathered enough value for him to cash in profits.