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In brief:
Ryan Serhant—the real estate broker, author, and star of “Million Dollar Listing New York”—has sold over $1 billion in real estate.
Serhant predicts that 50% of real estate transactions will be done using cryptocurrency in the next five years.
Real Estate is Coming to the Blockchain
Ryan Serhant—the real estate broker, author, and star of “Million Dollar Listing New York”—has sold over $1 billion in real estate. And he predicts that 50% of real estate transactions will be done using cryptocurrency in the next five years.
A person could have bought a physical home for that much money.
There’s just going to be a lot of crypto whales moving money and putting it into hard assets, buying penthouses and all that I think we’re in a very unique point in time.
The celebrity real estate broker says that as more people become comfortable with cryptocurrency, it will become a means toward potentially saving for things like homeownership. Banks, too, should become more comfortable with the asset and begin facilitating loans. But that time hasn’t come just yet.
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While Serhant believes that we will start to see an uptick in crypto being used to buy things, brokers can’t just sell houses to anyone who steps up with a Bitcoin wallet. There are still legal factors to consider and Know Your Customer (KYC) policies to keep criminals and sanctioned individuals from buying property in the United States using cryptocurrency.
“We need to make sure that as we buy and sell real estate in major American markets that we are above board,” Serhant said. “That’s really important. I’m definitely an advocate of safe money. But at the same time, if being able to purchase your cryptocurrency makes purchasing things like homes and everything else, faster, easier, amongst many other reasons, that goes a long way.”
That’s why he’s ready for the influx of new crypto money. “If somebody has $20 million in Ethereum, and wants to use 15 of it to buy an apartment,” he said, “I’m more than happy to broker that deal.”
