As Seattle Times reports, a recent home sale in Tukwila likely marked the first purchase in the Seattle area to utilize Bitcoin and other cryptocurrency in the transaction. The Tukwila home sold for $415,000 to a young investor who “used a combination of bitcoin cash (a new type of bitcoin) and several other cryptocurrencies for the 10 percent down payment and to help secure a conventional mortgage for the remaining cost of the house.” Prior to closing, the buyer converted his cryptocurrency to U.S. dollars to secure a mortgage and pay out the parties involved, so once the additional paperwork was completed, “the offer wound up looking like any other bid.”
The buyer said he was able to save enough for the down payment entirely from profits he’d made in cryptocurrency trades, which began with a $4,500 investment and have continued as he invests spare income into various cryptocurrency providers. He says he has plans to invest in future real estate opportunities annually.
Though cryptocurrency has not yet made its way into mainstream use, market pundits predict that it will be increasingly used in real estate transactions in the coming months and years, as home sales in other states such as California, Florida, and Texas have reported bitcoin property sales.
Want to know more about the Seattle area’s first Bitcoin home purchase? Read the full article here.