Some industries, including the real estate industry, are taking advantage of this trend by giving their customers the opportunity to sell houses using crypto. It is a change, but in connection with blockchain technology it can bring about a disruptive development.
A real estate deal made the news in September 2017 that sold a home in Coral Gables for about 1,600 BTC, which was about $6 million at the time. The sale of the house was offered with the option of being able to pay in Bitcoin. However, the question remains whether the purchase price was tied to Bitcoin or USD.
The sale price and the type of payment is enough to make headlines in Florida. Sure, but Bitcoin has been part of the Miami real estate market for several years. Although it was only launched in 2009, buyers, investors, and tech-savvy real estate agents have quickly incorporated the new cryptocurrency.
Real estate traders in the region are confident that Florida is an ideal market for Bitcoin. By using an alternative form of currency, like Bitcoin, properties are opened up to buyers and investors from all over the world. Thus, people can check Georgia resource if they want to sell their house.
The United Arab Emirates is not the only country benefiting from the growing bitcoin trend. Isle of Man real estate developer Knox also announced plans for a $325 million residential and commercial project. Acquirers can use bitcoin to purchase their properties. Prices range from 33 BTC for studios and 54 BTC for one-bedrooms or about $250,000.
Some of the properties have already been sold for digital currency. The remaining residential properties, however, are reserved for bitcoin buyers.
New York, New York
Some investors and real estate agents in New York also believe that Bitcoin is the way of the future. The team at Magnum Real Estate is taking a big risk by accepting bitcoin for down payments and purchase price for the converted apartments within Manhattan’s East Village. Shaoul is currently developing Liberty Toye at 62 Avenue B. He is developing 96 condos there ranging in price from $700,000 to $1.5 million.
Lake Tahoe, California
The famous vacation haven of Lake Tahoe was also the scene of a bitcoin deal. An unnamed buyer had acquired a 1.4-acre property with bitcoin. The vacant lot sold for 2,739 BTC, or $1.6 million at the time.
According to reports, the bitcoin purchase was originally the buyer’s idea.
Bali isn’t where you would expect a bitcoin-backed property transaction, But, Bali was actually one of the first places to see a cryptocurrency-for-property sale.