While Bitcoin has starred in a series of horror stories about wasted retirement funds and lost fortunes due to its notorious unpredictability, one man from California lucked out big time on his recent house purchase – and all thanks to the popular cryptocurrency.
Speaking to Bloomberg Markets, Bitpay CCO Sonny Singh told an intriguing story how Bitcoin’s volatility accidentally helped the buyer in question take home a profit of approximately $1.3 million during the exchange from the cryptocurrency to American dollars.
“This event was off the charts”
Gary Vaynerchuk was so impressed with TNW Conference 2016 he paused mid-talk to applaud us.
Singh and his company were recently approached by a real estate developer that received an offer from a prospective buyer who expressed a preference to pay in Bitcoin. After walking him through the peculiarities of the transaction, the two parties eventually reached an agreement for the estate, which was valued at around $4 million at the time.
But here’s the thing: While the cryptocurrency was worth a mere $750 when the transaction was originally initiated, by the end of the transfer Bitcoin had surged up to over $1000, earning him a profit of more than a million dollars.
“The buyer actually ended up making about 25 percent in the currency exchange rate, essentially, in the appreciation,” Singh said. “He got a house for pretty much 25 percent cheaper.”
While the cryptocurrency continues to remain on the verge of mainstream adoption due to its highly unstable rates, the technology is gradually starting to make its way to the masses. Not too long ago, Japan became one of the first countries to introduce a service that allows users to pay their utility bills in Bitcoin.
Man Accidentally Makes $1.3 Million Buying a House With Bitcoin
on Bitcoin Magazine
TheBitcoinNews.com – Bitcoin News source since June 2011 –
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
