Brock Pierce Buys World’s First Bitcoin Mortgaged Real Estate Worth $1.2 million
Now it's possible to buy a property without actually spending your crypto holding.
Why will any crypto hodler like to liquidate his / her crypto holdings in this market? May be, he / she wants some fiat to spend. But Brock Pierce shows you a way how to do it without even touching your crypto portfolio.
Recently he bought a unique real estate property in Amsterdam for $1.2 million. But he did this without selling a single bitcoin from his holding. In fact, he mortgaged his Bitcoins to take a loan in fiat to settle this real estate purchase.
The mortgage loan was facilitated by Nexo - a Swiss based startup dubbed as an instant crypto credit line, with the support of realtor Michael Kelczewski of "Bitcoin Real Estate".
Nexo provides instant loans upto $2 millions against your crpto holdings in 45 different fiat currencies within 24 hours.
Pierce said:
Being able to borrow against one’s crypto assets gives one options, when wanting to purchase a property, and aligns with my philosophy that real estate and tokenization will be a quadrillion dollar market. I was able to hold on to my crypto and settle the transaction in fiat
It's interesting to note that Brock Pierce holds over 95% of his net worth in cryptocurrencies. So he used more than $3 millions in Bitcoin as collateral to purchase this awesome property in Amsterdam - a renovated chapel-turned-home. It was actually an illegal Catholic church built in 1744.
Interestingly, this Church-turned-home features God handing down a coin to man. Of course, it wasn't a Bitcoin as it seems to be inspired from Tower of Coins, the first mint in Netherlands. But perhaps henceforth that will represent a Bitcoin!
All pictures courtesy: Private Mansions
So now he need to generate a cash flow in fiat to pay back the loan. ;)
Posted using Partiko Android
Not necessarily. Loans can be paid back through crypto too!
He’s a wise investor! That’s a massive business deal.
Posted using Partiko iOS
Yes ...and this is just the beginning!
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