According to the real estate firm Redfin, about 75 properties were recently listed for sale, especially in the California and Florida areas. The thing that was special about these properties was that customers had the option of buying these properties using Bitcoin. In fact, “Bitcoin accepted” is now a common message on descriptions of properties for sale in the Miami area.
One particular seller actually stated that he would sell his $500,000 downtown Florida condo for only Bitcoin – he priced it at 33 Bitcoin!
Real estate brokers are still wary of this new trend since Bitcoin is so volatile. The advantage of this trend is that foreigners can now invest in property in the US if they pay via Bitcoin, according to Barry University’s Charles Evans, an economist and a bitcoin expert. Foreigners can thus circumvent the banking regulations that allow only a certain amount of cash to be transferred through banks. Using Bitcoin would mean not having to deal with banking and regulatory restrictions.
The National Association of Realtors’ data shows that the biggest buyers of property in Florida in the last 5 years have been from Venezuela, Brazil and Argentina. This has sparked fears that this could be a money laundering racket.
However, according to former Florida representative, Jose Felix Diaz, Bitcoin transactions are permanently recorded on a ledger. So if someone wanted to launder their money using the real estate market, the Feds wouldn’t have to look too hard to find that person.
Another Real Estate agent, Parker, also agreed. He said that the beneficial owner of the property could be easily traced, so the chances of Bitcoin being used for money laundering were really low.
Parker however felt that using Bitcoin to buy property was just a fad and would soon fade.
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