- First real-estate transaction utilizing Bitcoin in Louisville, Kentucky.
- The purchase only took about eight seconds and cost $0.70 in transaction fees.
- BTC will likely be used in future real estate transactions.
Louisville, Kentucky made local history with its first real estate purchase made in bitcoin. A recently published report from The Courier-Journal revealed that up till that second in February, there were no records of bitcoin purchases for real estate in the said area.
The property seller was seeking to invest his profits into bitcoin by liquidating a multiple of his properties. The buyer had taken an interest that he was able to purchase the property for $65,000.
According to Ashley Brown, a Louisville-based Homepage real estate agent, after the commission, titles, and recording fees were paid in dollars, the final purchase price was “about 1 bitcoin,” which was worth approximately $33,000 at press time.
“I’m happy that I can help try and bring this technology to the future,” the buyer told The Courier-Journal. “There are so many uses for [Bitcoin], and I think we’re at the very, very early stages of it. It’ll be interesting to see where it goes.”
Chip Ridge, president and owner of Millennial Title Company, helped Brown to navigate the real estate settlement service. The transaction only took about eight seconds and cost $0.70 for the transaction fee to complete.
He believes Bitcoin will be used in real estate transactions more often soon, saying “[he feels] in two to 3 years, [using Bitcoin in home purchases] will probably be extra commonplace.”
To date, Bitcoin price amounts to over $32 thousand, decreasing by 3.86%. It has a 24-hour trading volume of around $80 billion. Bitcoin remains the “king of crypto” despite the ongoing market bloodbath.
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