18 Bitcoins Will Buy the Average American Home
Bitcoin, the first digital currency that works without a bank or middleman, surged 183.6 percent in the last month, from $5,870.37 per coin on Nov. 12 to $16,650.01 on Dec. 12, according to Bitstamp data. Its market cap is more than $293 billion, and while some analysts warn of a crypto bubble, others say Bitcoin could eventually compete against the gold market. Regardless, cryptocurrency has created fast wealth for investors, and now some are cashing out and going house hunting.
Real estate agents in Boston, Chicago, Houston, Philadelphia, Washington D.C. and several cities in California said they’ve had conversations with people about using cryptocurrency as part of their transaction.
Carina Isentaeva, a Redfin agent in San Francisco, recently helped a client write an offer on a luxury home in Silicon Valley that was contingent on the sale of cryptocurrency. The offer was accepted, but the buyer ended up backing out when his cryptocurrency didn’t sell. Isentaeva said she’s confident he will buy when it does.
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