Cryptocurrency Adoption Use Has Been Rising In Real Estate Transactions Industry
DailyCoin
Published Dec 09, 2021 02:54AM ET
Cryptocurrency Adoption Use Has Been Rising In Real Estate Transactions Industry
The real estate industry is rapidly changing dramatically as new technologies and services influence the way society completes real estate transactions. One of the emerging technologies of the last decade is cryptocurrency. The growing popularity of cryptocurrencies like Bitcoin and Ethereum has enabled some individuals to sell or buy a house with cryptocurrency as the sole medium of exchange. Buying a home with cryptocurrency like Bitcoin is becoming more common. In fact, some believe that cryptocurrency will revolutionalize the future of real estate transactions. A recent article from UpNest on real estate discussed this new rise of cryptocurrency into real estate, saying: “Cryptocurrency has been increasingly making its way into real estate transactions in various ways. One of the most visible ways that bitcoin has been showing up in real estate is through home listings. Several sellers and agents have been using this tactic to create more buzz and attention for their properties. Some sellers have insisted on all bitcoin. Others have asked for payments split between US dollars and bitcoins. This may work well for high end house listings where the most likely buyers may have and want to use their bitcoins for real estate. This appears to be an increasing trend as many have enjoyed big wins in cryptocurrency and are looking for a way to balance that and preserve their gains by converting them into tangible real estate assets.” Active Companies in the markets today include Presidio Property Trust, Inc. (NASDAQ: SQFT), Coinbase (NASDAQ:COIN) Global, Inc. (NASDAQ: COIN), Sphere 3D Corp. (NASDAQ: ANY), Canaan Inc. (NASDAQ: CAN), Robinhood (NASDAQ:HOOD) Markets, Inc. (NASDAQ: HOOD).
UpNest continued:
"There are also physical cryptocurrency exchange offices and stores. More of these may be franchised and pop up to increase traction in the market, and build trust with those slow to adopt the currency or who want to do business in person, offline. For owners and operators of these commercial properties, cryptocurrency could become a real estate business much in the way that Mcdonald's is. Cryptocurrency has been hot. Despite recent issues with crazy value fluctuations people still believe in it, and that it is the future. Digital currencies have many applications in real estate, with many potential benefits for promoters, investors, individual buyers, sellers, renters, and the market itself." Presidio Property Trust, Inc. (NASDAQ: SQFT) BREAKING NEWS: Presidio Property Trust Announces Acceptance of Cryptocurrency for Tenant Payments – Presidio Property Trust, Inc, an internally managed, diversified real estate investment trust, today announced acceptance of cryptocurrency as a valid form of payment for tenant rental and CAM (common area maintenance) charges.
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"We are now set up to accept a number of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and Litecoin (LTC), from our commercial tenants," said Jack Heilbron, President and Chief Executive Officer.
"We believe that these additional payment options will be attractive to some of our current and prospective tenants, especially in new, expansion markets," added Gary Katz, Senior Vice President of Asset Management.
"This is another way that Presidio Property can differentiate itself as a forward-thinking landlord."
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