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Bitcoin To Purchase A Home
Bitcoin to purchase a home? Interesting indeed. Many of you by now have likely heard of Bitcoin, or other "cryptocurrencies." I recently read an interesting article about the first known property purchased by Bitcoin, in Austin, Texas. Check out the article here. Will this continue and become mainstream, and if so, how long will it take to get there? Or will Bitcoin fade away into the sunset? There are a lot of questions surrounding Bitcoin and the volatile market. I personally, for entertainment purposes only, was watching Bitcoin one day and over about a period of 12 hours, it had dropped from almost $17,000 to $12,000. Over the course of a day or two, it then recovered. Talk about a roller coaster ride. Currently, as it stands when I write this blog, Bitcoin is trading at $14,997.99. That is up $13,928.59 from one year ago to date. Imagine had you purchased one Bitcoin a year ago...or two...or three...or hundreds. I bet you'd be buying a house too! Sure, you have to "trade" or "sell" it and there must be a buyer for that to happen as well as the technology infrastructure to allow it to happen. With its popularity, there seems to be plenty of buyers at any given time, but when the market for it takes a big swing downwards, there have been reported issues of sellers unable to "cash out" and even allow their Bitcoin to be available for sale, because of the high volume fire or panic sales it creates and there are simply too many people trying to do the same thing at once and the systems can't handle it...which, for how crazy the market has been, any significant downtime being unable to sell could be catastrophic for someone, depending on what they originally invested. I personally haven't formed a strong opinion on Bitcoin one way or the other, and much like many others, will likely continue to sit back and watch while letting the experts teach me about it. Who knows, in 5 years I may be extremely disappointed I didn't invest, or may be extremely happy that I did. Most experts caution this market from my research, for many reasons I'm not going to get into (Google is your friend). I'm not a financial or tax adviser, so any investing you do or do not partake in, you're doing so at your own risk of course! Just thought it might be a fun little blog post that may engage a few dinner table conversations, considering there is now a documented real estate transaction involving Bitcoin! Happy Reading!
Josh proudly holds his real estate license in Wisconsin, to better serve his clients in the dynamic area that we live. He was born and raised in Western Wisconsin, more specifically, New Richmond and ....