Miami real estate market cannot escape bitcoin

Moris Beracha.- 

Bitcoin is an increasingly payment option in real estate in the United States. By the end of the year, some 75 properties in the United States, particularly in South Florida and California, were sold using cryptocurrency.

"Bitcoin accepted" is a message now seen in the descriptions of homes for sale in Miami. The use of Bitcoin in the real estate market is still a bold idea. One of the reasons is that real estate agents are skeptical due to the volatility of the currency. The cryptocurrency is unpredictable, after hitting almost $ 20,000 a token in December and falling precipitously at Christmas, at the year’s start it was around $ 14,000 dollars.

The trend in the real estate sector "seems to be led by international investors who are avoiding inefficient banking systems and exchange controls at home, as well as by American enthusiasts of the cryptocurrency," said Charles Evan, an economist and bitcoin expert of Barry University in Florida in an interview with AFP.

He said that when governments restrict the amount of money their residents can transfer abroad, "bitcoin allows individuals to circumvent these restrictions."

According to the New Herald, about 50% of foreign buyers of goods in South Florida come from Latin America. According to the National Association of Real Estate, in the last five years investors from Venezuela, Brazil and Argentina have led purchases in this region.