As Bitcoin becomes more and more ubiquitous, it’s finally commonplace in the real estate market. The ways in which the integration of cryptocurrency will shape the future of the market are best explained by Ben Shaoul, the president of Magnum Real Estate Group, “Our buyer has evolved, they’ve moved from moms and pops to young people who want to pay with various forms of payment. Cryptocurrency is something that has been asked of us — ‘Can you take cryptocurrency? Can we pay that way?’ — and of course, when somebody wants to pay you with a different form of payment, you’re going to try to work with them and give them what they want, especially in a very busy real estate market.”
This buyer’s evolution has already informed how online retailers and even restaurants do business; cryptocurrency is quickly usurping most traditional forms of payment. Real estate, however, has remained the outlier in cryptocurrency’s infiltration. Shaoul also remarked that “This industry of real estate is notorious for lagging behind in technology, and innovation. Now we are starting to innovate, so we’re very far behind. Bitcoin and payments with bitcoin have been around for years. Why it hasn’t touched down in real estate in the sale of an apartment is odd, quite frankly,” expressed Shaoul.
To learn more about how Bitcoin and cryptocurrency are reshaping how we see and use money, visit kryptomoney.com.
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