Prior to the pandemic, the real estate market had barely even begun to digest the thought of opening their gates to cryptocurrencies, such as Bitcoin. Slowly but surely though, the real estate market is seeing Bitcoin make its way in as a form of payment for the home buying process.
Listed just last week, Treehouse Nightclub in Miami Beach is willing to accept cash OR cryptocurrency for payment. Will this sale make it to closing using Bitcoin as a form of payment? And will this transaction end up paving the way for future cryptocurrency transactions in the real estate market? Can’t wait to see!
Let’s pump the brakes for a second though, speedy Sally – Million dollar question – What about the volatility of Bitcoin’s worth? The home sale process takes time. After an offer, then comes acceptance, and then comes a whole slew of other tasks that must take place prior to the actual closing date. Bitcoin’s value could very well drop – and drastically at that – before closing. AHEM, then what? I’m positive litigation sparks will a-fly.
Along with volatility, there still seems to be a rather large stack of regulatory issues lingering when it comes to matching a real estate purchase with a cryptocurrency form of payment. A large enough stack that I’m not quite sure cryptocurrency will ever be a valid form of payment for real estate in the eyes of the legal world.
But, we all shall remain curious. For as the saying goes – all is fair in love and war.