Bitcoin and other cryptocurrency is making a big impact in the economy recently. For years there have been businesses on the web that would accept Bitcoin payment. But has cryptocurrency made its way into the housing industry?
In the past few months Bitcoin has surged in value. To be fair, it has also been a bit volatile. But over the past 8 years Bitcoin has shown an overall rise in value.
Bitcoin has been around since August of 2008. For the longest time the internet was the only place to spend it. But gradually it leaked into the real world. Today you can buy all sorts of things, from pizza to clothing, to pool cleaning with bitcoin.
This past summer a single-family home in Austin Texas was purchased using Bitcoin. The buyer worked in the tech industry and was well versed in cryptocurrency. However, the custom homebuilder selling the house wanted the Bitcoin converted into dollars at the time of the transaction.
There are service providers out there that will convert cryptocurrency at the time of a sale. Depending on the value of Bitcoin at the time of the exchange, it can be a great deal for the person with the cryptocurrency.
There is also a developer in New York City who is accepting Bitcoin. He is redeveloping a building in Manhattan’s Lower East side. The condos he is building will be priced between $700,000 and $1.5 million.
Cryptocurrency has become a big part of the lives of his clients. While he is accepting Bitcoin for payment, he is planning on holding onto the cryptocurrency. Being involved in the art market, where cryptocurrency is also widely used, he sees an opportunity to make more money.
While we like to think we are “hip” and rolling with the times, we are not quite ready to accept BitCoin as payment. That is not to say it will never happen. If the trend continues everyone might need to be more versed in cryptocurrency.
We have been selling house plans since the late 1990’s. In that time, the advancements in technology has been staggering. The internet has changed everything. We regularly sell plans in the PDF digital format, which gets the plan to the customer at the speed of email. We can see a day when we no longer print house plans for sale on paper. And if we squint really, really hard, we can see a day when Bitcoin will be a regular option for payment. But just not today.