Louisville, Kentucky made local history by making the first bitcoin real estate acquisition. According to a recent story by The Courier-Journal, there were no records of bitcoin purchases for real estate in the region up until that second in February.
By selling a number of properties, the property seller hoped to invest his proceeds in bitcoin. The buyer was so interested in the home that he was able to acquire it for $65,000.
After commission, titles, and recording costs were paid in dollars, the ultimate transaction price was “around 1 bitcoin,” which was worth roughly $33,000 at press time, according to Ashley Brown, a Louisville-based Homepage real estate agent.
The buyer told The Courier-Journal, “I’m delighted that I can assist carry this technology to the future.” “There are so many applications for [Bitcoin], and I believe we’re still in the early stages.” It will be fascinating to watch where it leads.”
Brown was assisted by Chip Ridge, president and owner of Millennial Title Company, in navigating the real estate settlement process. The transaction took roughly eight seconds to complete and cost $0.70 in transaction fees.
He expects Bitcoin will be used in real estate transactions more often in the near future, predicting that “[using Bitcoin in property purchases] will probably be extremely widespread] in two to three years.”
To far, the price of Bitcoin has dropped by 3.86 percent to around $32,000. It has an average trading volume of $80 billion per day. Despite the continuing market carnage, Bitcoin remains the “lord of crypto.”