Bitcoin as payment for real estate seems to be a growing market, with a website, Bitcoin Real Estate, devoted to listing properties around the world that can be purchased using Bitcoin.
One of the issues that might be impeding the more widespread use of Bitcoin as payment for real estate is the fact that the cryptocurrency has a reputation as being an unstable currency due to rapid market fluctuations.
At the time of Komaransky’s house sale, 1 Bitcoin was said to have been worth about $9,200. However, just weeks earlier, in December, the same Bitcoin would’ve been valued at $19,500.
Real estate agent Burke told Vice that Komaransky had approached him about the prospect of buying a home using Bitcoin in 2014.
At that time, they were unable to find someone willing to sell a home in exchange for Bitcoin, though. Instead, they took Komaransky’s Bitcoin and then converted it to cash in order to complete the deal.
Komaransky retired at age 38 in 2017. During his 16 year career as a trader, he founded a cryptocurrency trading business at DRW Holdings in 2014, according to Forbes.
Komaransky purchased the more than 9,400-square-foot Miami property – which he has now sold – for $4.6million in 2014.