Even though many investors are skeptical of Bitcoin, cryptocurrencies are getting a lot of buzz lately due to their surge in value.
Recently a couple of investors used their crypto gains to purchase some pretty expensive real estate. Diana Olick report how it all went down this past summer.
J. Kuper, the Austin real estate agent with Sotheby’s International handling the first single family transaction in Texas says that “crypto currency is like any other type of currency.”
Bitpay did the exchange because the seller wanted to cash out in U.S. dollars.
Benjamin Shaoul, a developer in lower Manhattan with Magnum Real Estate Group has several potential condo buyers who want to pay in bitcoin.
He says he wants to keep the currency, adding that he believes it will become a long term means of payment. Shaoul also thinks in a highly competitive development market – it gives him an edge over his competition who may not accept this new form of payment
So far, the only reported bitcoin transactions in the U.S. housing market have been for high end real estate purchases. At this time there have not been any reported crypto-currency home purchases that involved a bank mortgage.