As the use of cryptocurrencies grows in popularity, an increasing number of people are turning to digital assets to buy and sell real estate.
Talent manager and media tycoon Scooter Braun recently sold a lakeside Austin house for $18.5 million in Bitcoin, making it the largest cryptocurrency real estate transaction in Texas history and one of the largest in the United States.
According to a source familiar with the situation, the transaction was a cash-to-coin exchange, with Braun receiving Bitcoin as payment.
The property was purchased by Wayne Vaughan, the CEO of Tierion, a company that saves data on a blockchain. Tierion made a payment to a Limited Liability Company (LLC) associated with Mr. Braun in January 2022, according to property records.
Mr. Braun, a Los Angeles-based executive and talent manager best known for discovering pop singer Justin Bieber, purchased the house in 2020, according to property records.
The use of cryptocurrency in real estate is on the rise.
Despite the fact that crypto-to-crypto real estate transactions are relatively unusual, wealthy cryptocurrency investors are rushing into the luxury real estate sector.
In February, Tony Buzbee, a prominent lawyer and past mayoral candidate in Houston, has listed his home for sale and is willing to accept Bitcoin as payment.
It should be emphasized that this is not the first time Bitcoin has been used in real estate transactions, both buying and selling. Magnum Real Estate Group announced in September 2021 that it will accept Bitcoin for its $29 million luxury residential project in Manhattan, CODA (385 First Avenue in New York City).
While Algocap Real Estate, a New York-based real estate brokerage firm, said last year that it would begin taking cryptocurrencies such as Bitcoin, Dogecoin, and Ethereum for transactions.