An investor on ABC’s Shark Tank has said that using bitcoin in real estate is ‘common sense,’ claiming that it is ‘perfectly suited’ for the housing industry.
Barbara Corcoran, an American businesswoman, investor, consultant, speaker, author, and television personality, was speaking during a recent interview with Money. According to Corcoran, the use of bitcoin in real estate is only going to become more common.
Giving her reasons why, she said:
“It’s peer-to-peer, with no central anything, and that’s why it’s so powerful. The main idea is to eliminate the middle guy.”
Interestingly, she is of the opinion that banks won’t exist in the next 10 years, arguing that they won’t be ‘needed if bitcoin does what I believe it’s going to do.’
The use of bitcoin to purchase real estate is certainly not a new thing. While it hasn’t become a major payment choice there are more homeowners who are willing to accept the digital currency for the sale of their homes. So much so, that a San Diego brokerage is betting that the real estate industry lies with cryptocurrency, in particular bitcoin.
In a report from TechBullion earlier this month, Andrew Canter, the CEO and founder of Canter Companies, a financial and advisory investment firm located in San Diego, is hoping to tap into a demographic that has been underserved in the housing sector. As the adoption of bitcoin hasn’t been as widespread within the industry, those who own the cryptocurrency haven’t been able to use their coins in housing deals like they would want.
Canter said:
“We realized there is so much new wealth in the crypto space. There are a lot of new buyers and a lot of people that have seen their wealth fluctuate over the last year.”
Notably, most of the houses up for sale that have the option of payment in cryptocurrency are worth a considerable amount. For instance, a client of Canter’s, who is selling a luxury property, has listed it at $7.8 million. Canter’s firm, however, is primarily targeting the crypto rich who have the money to spend.
He explained by adding that:
“Our job is to make sure our clients are aware of emerging technologies and trends. After carefully studying this industry, it’s clear there is an entire new class of wealthy individuals which are underserved and our mission will be to help bridge that gap between them and our real estate clients. This won’t be a one-time campaign. We’ll continue to research and implement different strategies to gain access.”
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