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Miami Realtors Bullish on Accepting Bitcoin, Condo List of 3.5 Million Dollars

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Eric Fernandez, owner of Sol / Mar Real Estate, recently registered a $ 3.5 million penthouse condo at the Blue Diamond in Miami Beach, Florida, saying the owners would accept payment in Bitcoin or Ethereum , according to the New York Times.

Fernandez believes that it is only a matter of time before Bitcoin's acceptance of real estate purchases is gaining popularity.

Fernandez is not the only real estate agent who expects more homes to be purchased with digital currency. Bitcoin attains a cult status for international buyers. Some believe that Miami will lead this trend.

Why Miami Will Lead

Real estate agent Stephan Burke, who listed a Coral Gables mansion for sale in August, said the seller would accept bitcoin, noted in a recent Miami Herald editorial that Miami is an ideal market for bitcoin since it offers investors from the South. America, Canada, Asia and Russia are a fast way to buy a property.

In August, Mike Komaransky built a seven-bedroom house in Miami for $ 6.4 million, accepting payment in bitcoin. But because so few homes have been bought using Bitcoin, real estate agents have no hints about how these transactions will work.

Also read: Miami owner accepts Bitcoin and Bitcoin Cash for $ 6.5 million mansion

Bitcoin presents challenges

Fernandez said accepting payment in bitcoin for real estate is difficult. The money is held in escrow in traditional real estate. But a buyer can not go to Bank of America or Wells Fargo and deposit bitcoin.

The changing value of Bitcoin also presents a challenge for real estate transactions. An individual made over $ 1.3 million using Bitcoin on a Texas real estate purchase due to value changes. Fernandez nevertheless thinks that sellers will see potential real estate deals as a way to bet on Bitcoin and Ethereum's future.

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These people are investors looking for emerging markets, said Fernandez, and they believe that the use of cryptocurrency will increase. Fernandez said that he is confident that he will be able to navigate the logistics of job offers among buyers, sellers and lenders.

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