Cryptocurrencies like Bitcoin are beginning to find a presence in the property market, as sellers are seen to be putting a Bitcoin price tag on their house. Estate agents have noticed a surge in interest when a ‘Bitcoin accepted here’ sign is added to a property, and it makes sense that Bitcoin could play a big role in the property market someday. But, in the current climate, is it a good idea to sell a house for Bitcoin?
A marketing machine
One thing that has become apparent is that the decision to place a house for sale in Bitcoin draws a lot of media attention. A £17 million mansion in Notting Hill has seen an extraordinary amount of interest since going on the market in October. And even a modest property in the town of Grimsby has drawn global media attention this way. Cryptocurrencies still come with an inherent “wow” factor when they hit a new market, but as more people do it, it’s likely the media will lose interest.
A new investment market
As the adoption curve for cryptocurrencies is highest among young adults, the Bitcoin offers on these properties have been almost exclusively young. It was these people who got in on the Bitcoin investment opportunity in its infancy and saw their investments multiply in value many, many times over. So those fortunate enough to have seen the potential of Bitcoin early on, and invested heavily, are now looking to acquire assets with their earnings.
The Bitcoin property market could be a fantastic opportunity for young, up-and-coming crypto investors. It would be entirely different from the usual bureaucracy involved when buying a house or flat. However, there are those that believe the selling of houses for Bitcoin is little more than a marketing tactic. The volatility of Bitcoin makes it a high-risk transaction medium, so developers in the property market may not want to take risks on their assets with it.