It may be because prices went up this year, but people are really starting to use Bitcoin in order to acquire real estate. Bitpay has recently affirmed that the spending of crypto on real estate is set to double in 2019.
If it depends on the company, it certainly will. Bitpay has recently started a new partnership with a luxury condominium complex in the city of Orlando that will allow people to buy properties using their crypto wallets.
According to Bitpay’s Chief Commercial Officer Sonny Singh, nearly $20 million was spent in real estate using the company’s platform back in 2017. The bear market made the spending go down last year, though, and only $6 million was used. However, this year it’s expected that people will spend over $12 million in this market again.
As Bitpay is the largest payment processor in the world right now, with over $1 billion USD processed each year, the company can really be considered an authority in payments. Singh affirmed that the new partnership is among many others that the company has with real estate companies and that they will drive investment in these areas upward.
According to David D’Ambrosio, who works with real estate, several clients from Brazil, China and Turkey inquired about crypto payments recently. He believes that there is a market for this and that it will grow a lot in the future. Soon after the contact of these clients, he started a partnership with Bitpay in order to enable these traders.
Bitpay is seen as one of the best ways to settle these transactions because, despite the fees of 1%, the transactions are settled very fast.