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Californian Purchases House with Bitcoin, Saves $1.3 Million

Californian Purchases House with Bitcoin Saves 1.3 Million

While cryptocurrency still evokes associations with instability and risk, it has recently helped a real estate buyer make a handsome million profit resulting from the exchange rate between Bitcoin and the U.S. dollar.

In an interview for Bloomberg Markets, Bitpay CCO Sonny Singh explained how his company had been contacted by a property developer whose client wanted to buy a house and pay for it in cryptocurrency. After the payment processor clarified for the developer how the system worked, a $4 million deal was concluded regarding the estate. Owing to Bitcoin’s volatility whose value started at $750 and went up to $1,000 at the end of the transaction, the buyer earned approximately $1.3 million, reducing the price of his new house by 25%.

Although mass adoption of cryptocurrency is yet to come, the technology is gradually gaining prominence. For instance, Japan is among the first countries to introduce a Bitcoin utility bill payment service.