Bitcoins have been here for already some time, but the value of them has grown tremendously in 2017 alone. Bitcoins are getting accepted in more and more places, and they have been even considered as the new gold by Peter Thiel, the co-founder of PayPal.
The first thing that has ever been bought with Bitcoinswere two pizzas, for the price of 10,000 Bitcoins – then worth about $40.The value of the Bitcoin has grown dramatically in the past months. Since May 2017 the price has risen by around $4500, and reached the $6000 mark this October.
And it seems like it is only increasing more and more. This signifies the importance of Bitcoin and how much the currency will be able to buy on the market.
However, the new door to the Bitcoin world has opened. You can now buy a house with Bitcoin – and not just any house. Investors can afford expensive mansions and villas with Bitcoin alone.And that makes the Bitcoin even more interesting than it already is.
Check out the cities that let you buy real estate with bitcoin:
- Miami, Florida.Miami real estate has been one of the pioneers in using Bitcoins in the purchase and sale of properties. Currently, the city sold a home in Coral Gables for more than $6 mln which are approximately 1,600 BTC. Some real estate agents like the Miami real estate market have used the Bitcoins in the real estate for several years since its launch in 2009.The Bitcoin rich area Miami is the main factor moving the increased interest and attention to the cryptocurrency in the area. The use of the cryptocurrency has opened up their real estate market to the world.
- Lake Tahoe, California. Lake Tahoe is a very popular tourist destination. In this town, Bitcoins are accepted, and recently a 1.4-acre property was sold to an unnamed buyer using Bitcoins. The property cost 2,739 BTC which is estimated to be $1.6 mln. This transaction was done in 2013 and is known to be the largest Bitcoin transaction in the real estate sector.
In this transaction, it’s the buyer who requested to purchase using Bitcoins. Since then there have not been other property purchases using Bitcoins, but This transaction opened up the market in the area for the use of cryptocurrencies in the real estate sector in this area in commercial, residential and industrial sectors.
- Dubai, UAE.Dubai is known to be a major business city in the world. Even though UAE is not the first country to capitalize on the growing Bitcoin trend, they have made a major move to commercialize the use of Bitcoins. A good example is a developer located on the Isle of Man who recently announced the development of residential-commercial properties values at $325 mil. Those willing to buy will this property will be allowed to use Bitcoins with the studio apartments ranging from 33 BTC and one bedroom houses ranging from 54 BTC which is estimated to be $250,000. Some of the units in this area have already been sold using the other currencies, but the remaining units are reserved for Cryptocurrencies which is the use of Bitcoins. However only the residential units are being sold using Bitcoins the commercial ones are been sold using the country’s currency.
- Bali, Indonesia.This Island was actually the first cities to support the use of cryptocurrencies in real estate. At one time a buyer spends more than 800 BTC to purchase a villa in Bali an amount estimated to be $500,000.
Most real estate agents are very comfortable using Bitcoins in buying and selling in the real estate sector in Bali even though there have been no listings in the commercial and industrial markets.
Despite the unknown future of Bitcoins many investors and real estate agents are willing to use the cryptocurrencies in their transactions. The stability and security aspects of Bitcoins are drawing attention from almost all business sectors.