A home in Delaware sold for USD 1.35 million of Bitcoin on 6 July 2018, which would be approximately BTC 208 at the time of sale. This is not only the first time a house has been sold for Bitcoin in Delaware, but also the first time in the entire Northeast United States. This is another example of how Bitcoin can be used as a currency even when dealing with large amounts of money.
The home is on a 4.2-acre plot of land in Newark, Delaware and is big enough to be considered a mansion. It has a theater, wine cellar and a pool. The real estate agent who sold it, who works for the MAK group, says, “I sold the Bitcoin house! Not only the first property offering Bitcoin payment support in Delaware, but the entire North East region and one of the only properties in the world. As I continue to scale a growing real estate practice across three, soon five states. I look forward to further disrupting an industry stuck in the 20th century.”
Although Bitcoin real estate deals are rare, news stories about them are becoming more frequent. The largest Bitcoin real estate deal in history occurred in Miami, Florida in early 2018. Then, BTC 455 worth USD 6 million at the time were traded for a 7-bedroom mansion. Hotel mogul Richard Hilton is accepting Bitcoin for a USD 44 million mansion in Rome called the Palazzetto, but US dollar is an option as well so it remains to be seen whether this will become the biggest Bitcoin real estate transaction in history. There have been several Bitcoin real estate deals around USD 1 million, like this home in Delaware, and overall about 20 homes have been sold in the last year in this way.
It is somewhat risky to conduct large transactions like real estate deals with Bitcoin due to market volatility, but other than that, Bitcoin is a fast and extremely secure means of payment. Services like BitPay which convert Bitcoin to fiat at the time of sale can insulate merchants and property owners from market volatility when transacting Bitcoin.
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