- After the exponential growth in the cryptocurrency sector over the previous few years, utility of crypto assets as the payments mode is coming to a stop.
- Previous year, the crypto asset that was utilized most frequently for acquiring the properties was the crowned asset Bitcoin.
- Currently, Bitcoin was trading at a market price of $19,963.5, downtrending by 0.73% during the past 24 hours.
Bitcoin Getting Less Popular In Real Estate Business
After witnessing a promising growth over previous years, payment utility in real estate business is practically fading away amid this massive crypto market turbulence which is causing the price of various crypto assets to plunge.
Over the previous 5 years, international crypto payments for commercial as well as residential real estate have emerged from the ground to reach around $100 Million, as per a statement given by Juwai IQI CEO Kashif Ansari to South China Morning Post.
As per the individual, Bitcoin and other altcoins were gaining popularity with respect to the payments in real estate business, but it is now fading out amid this turmoil on the crypto soil.
Specifically, he characterized the digital assets as means of sales and marketing for the real estate devs. When a payment is made in crypto assets, it is transformed into fiat currency such as the United States Dollar.
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Folks Are Discarding Crypto As The Means Of Payment
In another news, Ryan Serhent, a property broker, Serhant’s founder, which made a dozen deals utilizing crypto assets previous year, stated that the number of folks using digital assets are dropping when it comes to acquiring real estate properties.
He further said that folks are holding their digital assets taking the damages from the cryptosphere to acquire properties in real estate.
It is worth noting that Bitcoin remains the most admired crypto asset to purchase properties in real estate. Autumn was the most fruitful time for Serhant when the crown crypto asset was trading between the range of $50,000 and $69,000.
A lion’s share of it was utilized for taking over houses and luxury apartments in Florida and NYC, costing around $3 Million.
Nations such as South Africa and South America are among the countries having the most interest in crypto assets. A reason for this would be the weak currency and scarce regulations to protect investments.
Source: https://www.thecoinrepublic.com/2022/06/30/international-payment-utility-of-bitcoin-is-fading-out-in-the-real-estate/