Pacaso – a leading real estate firm – has announced it will begin accepting cryptocurrency payments from users looking to purchase or invest in a second home.
Pacaso Is Allowing Crypto Payments for Second Homes
The property in question cannot be a first-time buy. The company wants to ensure the customers in question have a little experience in the real estate market before they commit to a cryptocurrency-based purchase. That said, Pacaso realizes that digital currencies are becoming more mainstream, and investors are looking to potentially cash in on these assets by obtaining properties to build their wealth.
The company has joined hands with Bit Pay, a crypto payment processing platform, to ensure transactions are correct and completed in due time. The currencies that customers can pay with include bitcoin, Ethereum, Litecoin, bitcoin cash, Dogecoin, and several stable currencies.
Austin Allison – the co-founder and CEO of Pacaso – explained in an interview:
Digital currencies and the blockchains that power them are seeing increased adoption across the real estate industry, and a crypto payment option is a recurring topic in our conversations with prospective buyers of second homes. As we expand internationally and put second-home co-ownership within reach for more people across the globe, we’re thrilled to be able to respond to that demand and extend as many payment options as we can to our customers… With mass adoption of digital currencies well underway, increasing numbers of second-home buyers will demand a full range of payment options. Whether you’re HODLing bitcoin, diversifying out of a Doge-heavy portfolio, or somewhere in between, Pacaso is here to help you realize your second-home dreams.
Stephen Pair – the CEO of Bit Pay – also threw his two cents into the mix, commenting:
We are seeing more transactions being made for large purchases like real estate as more crypto holders want to spend and live their life on crypto. Pacaso makes a second home a reality. The market potential for crypto is huge, with $55 billion as the estimated value of purchases consumers will make using cryptocurrency in the next 12 months.
Pushing the Goals of Crypto Towards Reality
Pacaso is working to ensure the crypto agenda is pushed forward. Initially, these digital assets were designed to be utilized for payments, though this has been a rough journey considering so many of them suffer from volatility and price swings. Thus, many retailers have been concerned about losing profit and have said “no” to crypto payments, and to an extent, we can’t really blame them.
If you walk into a store, for example, and buy $60 worth of merchandise with bitcoin but the store doesn’t turn that BTC into fiat right away, they could lose profit if the price of bitcoin falls the next day. However, you’ll still get to keep everything you bought. Many people don’t think this is a fair scenario and have rejected the notion of crypto payments.