It's something new for all of us here in Manhattan Beach, California.
A buyer has just closed a purchase of a home with more than $3 million worth of Bitcoin.
I wrote up the whole story for this blog post on my MB Confidential blog. Check it out!
I really felt for the agent. I mean, you know that you should probably understand Bitcoin better. I aspire to understand it better, also. But it seems like recreational learning we might get to "some day."
Imagine how the sellers of this home and their agents felt. They got this offer and, overnight, they had to figure out what the heck Bitcoin is, figure out if the offer was for real, and scramble to find a way to convert the Bitcoin into cold, hard cash.
True story: The proof of funds, for more than $3 million, was an App. The buyer brought his mobile device in, opened up a Bitcoin "cyberwallet" app and showed everyone the amount of Bitcoin in his account. Can you say, "unconventional"?
The sellers of this property – a new construction/spec home in East Manhattan Beach – theoretically had the option to take payment fully in Bitcoin. They chose U.S. dollars.
When you read my blog post on the transaction, you can decide if they did the right thing!
