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Luxury Home Sales Using Cryptocurrencies on the Rise

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Thu, 26/04/2018 - 18:34
Luxury Home Sales Using Cryptocurrencies on the Rise
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For the first time, homebuyers have been offered the opportunity to purchase a home in Belvedere, California using cryptocurrencies.

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The 4,890 square foot home located outside of San Francisco is listed for $6.5 mln by Sotheby’s International Realty and boasts of a lush tropic-inspired garden, a floating entry bridge leading and dramatic views.

The seller, Hank J. Holland has offered to accept partial payment via Bitcoin, Ethereum, or Ripple, making this the first property in Belvedere up for cryptocurrency sale.

Hank J. Holland, the owner, says:

"I am optimistic about the cryptocurrency ecosystem and about the potential of developing a viable store-of-value alternative to fiat currencies."

As cryptocurrency edges its way to becoming a mainstream payment method, it is likely to gain more popularity with big-ticket purchases, including real estate say, experts.

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The number of technology-savvy sellers offering options to pay for their homes using cryptocurrencies been steadily increasing especially in luxury markets and real estate professionals anticipate there will be changes to they transact business in the near future.

The Bullock & Sarkissian Team of Golden Gate Sotheby's said:

"As real estate professionals, we are curious to see how our roles will be changing due to this trend, and we advise everyone to do their research before they get involved. It is safe to say we will most likely see transactions improving in the long road ahead."

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