Since cryptocurrency mania has resulted in a glut of wealthy, primarily young crypto-rich Americans, it seems that the real estate industry is catering to this demo by accepting payment for properties in the form of Bitcoin. At least, that is the case in San Diego, CA.
Last week Canter Companies issued a press release announcing that two multi-million dollar homes, which together carry a total price tag of nearly $20 million, are currently on the market. And, the kicker is that the sellers are accepting Bitcoin as a form of payment.
The first property, located at 6653 Neptune Place, is listed for $11,800,000 or 1,007 in Bitcoin at the time of writing.
The second, 1257 Silverado in La Jolla, currently carries a price tag of $7,995,000 or 682.3 Bitcoin at the time of writing. The owner of the Silverado property, Alan Ezier explained the reasoning for why they are accepting Bitcoin:
I think blockchain technology is here to stay, and Bitcoin as a currency creates a new self-sustaining independent financial system. The reach of cryptocurrency on a worldwide basis has given people more confidence in the currency. With its increase in popularity, it now reaches an audience that maybe wouldn't have been interested a year ago.
While these properties are noteworthy for their price tags, they aren’t the first San Diego-located properties to be put on the market with Bitcoin as an accepted payment. In November of last year, a 2.3-acre property in San Diego’s North Park neighborhood was listed, with the owner actually preferring Bitcoin as payment because he felt it offered a greater guarantee that the buyer would actually pay the home down.
To be sure, San Diego appears to be part of a worldwide trend in which high-priced home sellers are being urged to accept Bitcoin by real estate and investment firms who see an opportunity in the marketplace. Owners in cities such as Dubai and Washington, D.C. are just two examples of how this is not a phenomenon resigned to San Diego.