With the crypto market boom in the United States, not surprisingly, Colorado is prepared to accept cryptocurrencies for the sale of real estate. A real estate agency recently completed its first cryptocurrency sales. Although this is an advance for the state, it also leaves whether the citizens who live in it know the virtual market’s true potential.
The United States has earned the prestige of being one of the most relevant countries for crypto adoption. Between 2021 and 2022, the country has evolved in crypto-investments and negotiations in different fields, such as real estate.
Colorado completes the sale of two properties in cryptos
Colorado just completed its first crypto property sales. Reportedly, one purchase consisted of a rooftop in the heart of Denver valued at about $12,000,000, and a house in the town of Castle Pines was sold for approximately $1,000,000.
However, these are not the first properties sold with cryptos, but in 2018 the same method was also used. But by that time, crypto adoption in Colorado and the rest of the US was strange.
According to Ozair Meray, a blockchain network enthusiast and trading instructor at Rutgers University’s business school, cryptocurrencies have a lot of potential for the real estate market. Ozair indicates that the technology industry lends itself to opening various activities or other commercial forms that would move away from the conventional.
Essential qualities in buying real estate with cryptos
Colorado’s leading real estate agencies, such as eXp Realty, confess that the blockchain network does not work in some real estate markets. Vincent Shelly, the head of the Denver company, said this real estate crypto adoption landscape would break down into three essential qualities. Vincent clarifies that the new buyers with cryptos come from generation Z or millennials.
The crypto expert also clarifies these purchases are practical due to the adoption shown in each territory because potential buyers are motivated to use the tokens. Finally, Vicent indicates these purchases with Bitcoin or other tokens in real estate are also possible due to the ease of transactions, anonymity, and low commission rates.
Vincent confesses that at least 20 percent of Gen Z in Colorado use crypto to buy real estate that would be worth almost half a Bitcoin-based on today’s token price. But real estate purchases in Dogecoin, Shiba Inu, and the US dollar stablecoin USDT have risen. Los Angeles, Miami, and Texas would also be present in these crypto adoptions, so the trend is increasing every day in the US.