Real Estate sells for Bitcoin! Now there’s a headline. This is a game changer. When an electronic currency is exchanged for real property, this puts solid and real value on the currency itself, and will forever change the way we value land and other property. Bitcoins are used to purchase all sorts of things, but until recently real estate wasn’t one of them.
“…A Lake Tahoe property sold Thursday for $1.6 million—in bitcoins….The property is one of just a handful of residential real estate transactions in months that have used virtual currency—and potentially a record in terms of price. The price in bitcoins was 2,739…The 1.4-acre acre home site has views of the Pacific Crest, a surrounding mountain range. It is located in Martis Camp, a private luxury recreational resort in Truckee, Calif. The 2,177-acre resort, near Lake Tahoe’s north shore, has a Tom Fazio golf course, a 44-seat movie theater and an “aerial adventure park” with rope courses and a zip line.” SOURCE: Wall Street Journal
Ok, big deal… Some guy paid too much for land with electric money… So why report on this?
Because it means our monetary system is changing. Because it means that people are putting solid “real” value on a currency that was until recently looked at as a fad, or a passing trend.
When real estate (property with long term real tangible value) is exchanged for currency that was just invented not long ago, it shows not a passing or fleeting trend in the market based on a fad or temporary excitement .
It proves and means that there are now more options for purchasing. It means trade is expanding, or rather the means of trade has expanded beyond norms. It means the future is bright for Bitcoin, sure, but it also opens up new horizons in what people perceive as valuable.
Real estate being arguably the most valuable product on the planet.