I remember buying Bitcoin in 2017 thinking it had some potential, then watching my investment tank to nearly zero two weeks after purchasing. At the time of writing this, a single Bitcoin costs around $38,000 USD, a significant dip from its $67,000 valuation in November of 2021, but much higher than 2018’s slump into the $3,000 range. I held and observed as it went back up, but what an interest asset class crypto has become!
Ryan Serhant, a luxury real estate broker in New York, recently published his thoughts on where the real estate industry is headed in regards to cryptocurrency. He believes that in the near future, 50% of real estate transactions will be done in cryptocurrency. In his annual letter he discussed a Miami real estate transaction for $28M paid entirely in crypto. I think our community in Carmel might be a few years away from this kind of a news headline, but it’s worth mentioning because it could be in our future. Crypto is easily transferred between digital wallets, so if a buyer and seller both prefer crypto over cash, why not? Title could eventually be recorded on the blockchain – a secure, decentralized, digital ledger of transactions. I will be interested to see the evolution of this thinking – how soon until New York City and Los Angeles adopt crypto in real estate? How soon for the Silicon Valley? How soon for our peninsula?