A House Was Purchased With Bitcoin For The First Time In Louisville

As the use of cryptocurrencies grows around the world and in all aspects of life, it becomes more visible in various purchases, such as real estate transactions — utilizing Bitcoin (BTC).

According to a report from the local news outlet Courier Journal on May 9, a house was recently sold for $65,000 in Bitcoin for the first time in the history of Louisville, Kentucky’s largest city.

The two-bedroom property in Louisville’s Iroquois neighborhood was purchased in just eight seconds and cost $0.70 in transaction fees. Ashely Brown, the real estate agent who sold the house with Louisville Homepage Realty, said:

“I told the buyer I didn’t know if [using Bitcoin to buy the home] was possible. (…) I wasn’t sure if it was legal.”

Brown stated that the entire purchase price was “approximately 1 Bitcoin” after commission, recording fees, and title fees were paid in dollars. Based on the price of Bitcoin at the time of publication, the purchase was worth around $31,600.

The buyer, who was looking to liquidate various properties in order to invest the profits in Bitcoin, expressed satisfaction with the transaction, saying:

“I’m happy that I can help try and bring this technology to the future. There’s 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.”

According to the report, the sale took place in February, after which municipal officials had not documented any cryptocurrency-related real estate sales.

However, this is far from the first Bitcoin-based home purchase in the world. Aproperty in Braga, Portugal was sold for 3 Bitcoins with no conversion to euros.

Interestingly, property purchases continue despite the fact that the price of the flagship digital asset continues to fall. BTC is currently down 3.83% on the day and 17.58% for the last seven days.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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