Got a few bitcoins lying around and feel like you need a new crib? You’re in luck.
A new report from Tampa, Florida-based real estate company Re/Max Action First argues that cryptocurrencies are the new black in the trillion-dollar real estate market. Near-instant transactions and lower fees make bitcoin and its many digital cousins a natural fit for buying a house.
“The most mysterious thing about bitcoin and other cryptocurrencies,” says Re/Max Action First president Kenny Haysleett, “is why they aren’t used more. It is simply digital money, a medium of exchange that uses cryptography to safely and securely transfer assets.”
Re/Max Action First points out that buyers accepting bitcoin have listed 37 homes on Realtor.com this year alone, including everything from a $114,000 home in Kansas to a $7.92 million mansion in Hawaii. At least eight others in Florida, some of them multi-million-dollar homes, are listed on Cryptohome.
Of course, it’s worth noting the risks of making large transactions with a currency as volatile as bitcoin. You could potentially lose your whole nest egg in the time between closing the deal and getting your keys. But that’s unlikely. If you’re playing in cryptocurrencies and have enough money to buy a house, you’ll probably be okay. Just don’t expect any bank to give you a mortgage in bitcoins.DT