As the use of cryptocurrencies grows in popularity, an increasing number of people are utilising digital assets to acquire and sell real estate.
Scooter Braun, a talent manager and media mogul known for his work in the entertainment industry, recently sold a lakeside Austin property for $18.5 million in Bitcoin, the largest cryptocurrency real estate transaction in Texas history and one of the largest in the United States, according to a Wall Street Journal report.
According to a source familiar with the matter, the transaction was a cash-to-coin conversion, with Braun getting Bitcoin in return.
Wayne Vaughan, the CEO of Tierion, a company that uses blockchain technology to store data, is the buyer of the property. Tierion paid a Limited Liability Company (LLC) affiliated with Mr. Braun in January 2022, according to property records.
Mr. Braun, a Los Angeles-based businessman and talent manager best known for discovering pop singer Justin Bieber, purchased the home in 2020, according to property records.
Cryptocurrency use in real estate is increasing
Despite the fact that crypto-to-crypto real estate transactions are relatively unusual, wealthy cryptocurrency investors are rushing into the luxury real estate sector.
Finbold reported in February that Tony Buzbee, a prominent lawyer and past mayoral candidate, has listed his Houston home for sale and is open to take Bitcoin as payment.
It’s worth noting that this is not the first time Bitcoin has been used in real estate transactions, both purchasing and selling. Magnum Real Estate Group announced in September 2021 that it will accept Bitcoin for its $29 million CODA (385 First Avenue in New York City) premium apartment development in Manhattan.
While Algocap Real Estate, a New York-based real estate brokerage business, said last year that it will begin taking cryptocurrencies such as Bitcoin, Dogecoin, and Ethereum for transactions.
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