Homes You Can Buy for 1 Bitcoin as Cryptocurrency Hits $100,000

If you purchased a bitcoin sometime in the past 10 years and held on to it, congratulations! You just made a serious profit.

In the past eight years, the price of a single bitcoin has increased in value from $453 to more than $100,000.

The record-breaking high comes after President-elect Donald Trump announced that he’d nominated Paul Atkins as the next head of the Securities and Exchange Commission. Atkins is believed to be more pro-cryptocurrency than his predecessors

“There is anticipation that the new administration is going to be somewhat more favorable to crypto than the old administration was,” Andrew O’Neill, digital assets expert at S&P Global, told the BBC.

Cryptocurrency’s rocky history

The cryptocurrency market is also notoriously unstable. At the beginning of the COVID-19 pandemic, bitcoin slipped from $10,000 to $4,000 a coin in less than 48 hours.

Even still, some investors are making bank on their crypto investments—and are now looking to purchase real estate.

However, turning all that crypto into a physical living arrangement might require a little work. However, sellers across the country are accepting bitcoin more frequently.

“Miami is the U.S. crypto hub,” Johnny Schiro, senior vice president of business development at RealOpen, told Realtor.com®. “New York, Los Angeles, the San Francisco Bay Area, Las Vegas, and Colorado also have significant crypto real estate activity.”

How to use bitcoin to buy a home

RealOpen is one of several agencies that allows buyers to use bitcoin to purchase real estate. Rather than working with only sellers willing to accept bitcoin, RealOpen converts your cryptocurrency into cash for the seller for a fee.

There are also companies that allow you to take out a crypto-backed mortgage, such as Milo. The company allows cryptocurrency holders to use their virtual money as collateral when taking out a mortgage. Buyers can borrow up to $5 million against their bitcoin, ethereum, or USDC currency.

Of course, the easiest way to purchase a home with crypto is to cash it out, but you’ll want to consider the tax implications of such a move. In many cases, you’ll be required to pay a capital gains tax on any earnings you make on the market, and those taxes could easily add up.

A smaller number of sellers is willing to trade crypto for property, some of which can be found on Propy, a blockchain real estate company that supports blockchain transitions. Propy is attractive to some crypto investors because it allows users to keep their coins in escrow while the sale is finalized.

So, where can you buy with a bitcoin or two right now?

9000 Spyrock Rd, Laytonville, CA 95454

Price: $215,000
Cryptocurrency accepted: bitcoin, ethereum