The usage of cryptocurrency is increasing day by day. The latest example is this five bedroom home in Westport, Conn. It is a newly constructed property measuring 4800 ft.². The seller has clearly listed in the listing that he/she would only sell the home at the amount of Ethereum or Bitcoin. This is a clear indication that the usage of cryptocurrency normal day-to-day transactions is increasing.
The cost of the house which is located at 5 Ridgewood Lane is 250 Bitcoins. If you plan on paying in Ethereum, it is 3030 Ethereum. According to the current conversion rates, it stands at around $ 2 million. Many of the experts also are surprised by the decision of the seller. Keeping in mind that the cryptocurrencies are currently highly volatile, this decision surprises many. Also, the seller is not offering the option to buy the home in cash or any other currency type.
According to an agent who is marketing the property, the aim of the seller is to motivate the cryptocurrency users to hold the cryptocurrencies. They also want to support the cryptocurrency industry. As a result, they are accepting the only cryptocurrency so that the credibility of cryptocurrency increases. Moreover, they want to target the audience which invests in cryptocurrency. Normally, none of the real estate transactions are facilitated in cryptocurrency. That is why this market is often overlooked. The owner of house Vanech purchased the house in 2016. Recently, she put up the house on the market.
She clearly states that she is completely compatible with selling the house by paying in cryptocurrency. She sings that the liquidity in cryptocurrency markets will ensure that she is able to easily liquidate the cryptocurrency. Moreover, with the cryptocurrency, she might be able to get an appreciation as well. This is another reason why she is listing the home with cryptocurrency. Also, with the increasing adoption of cryptocurrency, it will become easier for her to gain good amounts of return as well.
Also, there is no limit on cryptocurrency based transactions. As a result, she will find no problem at all in concluding the transaction as well. Moreover, the use or taxation rules apply to real estate investments as well as cryptocurrencies as well. As a result, due to the increasingly transparent regulatory framework, she will be able to easily conduct a transaction in cryptocurrency without any hassles. All of these factors combined are encouraging her to use cryptocurrency for selling the home.
Source & Images Credit John Videler NYPost
Do you think cryptocurrency is better to use for real estate deals? let us know in the comment below.
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