Homeowner Prefers Dogecoin (DOGE) as Payment for Purchase of Property
A man from Utah is looking to sell his home for around $400,000 but prefers to receive payment in dogecoin instead of fiat.
DOGE Payment for Property Sale
According to Fox 13 on Sunday (August 1, 2021), Scott Paul, who is trying to sell his home in Saratoga Springs for $399,000, has said that he would accept DOGE from the buyer.
As an incentive, Paul said that he was willing to give a 10 percent discount for the dogecoin payment. Meanwhile, the report noted that the seller already received interest from two individuals who wanted to purchase the house with cryptocurrency.
However, the DOGE payment would not be without a hiccup, according to Julian Fowkes, realtor and senior manager of listing operations at Homie, stating: “You would have to convert your current cryptocurrency into U.S. dollars for a traditional escrow company to be able to hold it and help facilitate the transaction.”
Fowkes added that the seller could convert the fiat to crypto after the transaction. Also, both parties could sign an agreement to make the exchange using peer-to-peer (P2P).
While the volatile nature of crypto could be a problem, Paul is not deterred from such risk. The homeowner started investing in cryptocurrency in 2015 and holds bitcoin and ether. Paul is optimistic that the value of DOGE could go up as high as 40 percent, stating:
“I’m a very risky person. I think the chances of me selling it in Dogecoin and having it go up by 20, 30, or 40% is more likely.”
After a barnstorming run during the bull phase that ended in May, Dogecoin has slipped over 7 percent from its all-time high. As of the time of writing, DOGE is trading at a little of 20 cents meaning that Paul’s home sale could cost as much as 1.73 million Dogecoin tokens.
Growing Crypto Utilization in Real Estate
The use of cryptocurrency as a payment option has seen growing adoption in the real estate sector. Back in May, 355 Developments, a real estate firm, partnered with Swiss fintech company FNTX Capital Suisse to accept BTC, DOGE, ETH, and ADA as payment.
U.S.-based real estate company Caruso properties also announced in April that buyers could purchase properties with bitcoin. E11EVEN stated that it was supporting cryptocurrency deposits for its condominiums.
Furthermore, French DJ David Guetta revealed he was accepting BTC and ETH for the acquisition of his luxury apartment.