Buying a Home With Cryptocurrency?

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Do you ever wonder how long it would take to invest in crypto and have the asset appreciate enough so that your can use the gained proceeds to purchase a house? One person recently perform such a transaction and it took him less than three years. Yes Mr. Terrance Leonard who works at Washington D.C. began investing in cryptocurrency in 2019 and recently this year cashed out on some of his crypto investments in order to put a down payment on his dream house.

Going All In Crypto

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Terrance is a software engineer and is a veteran that bought his first home the traditional way through a bank and with a loan from the veteran association. When he left the military and worked as an engineer he was looking for a way to invest his savings and decided to go all into crypto. So much that he cashed out his equity investments and 401k and what ever liquid assets he had into multiple top cryptocurrency in 2019. Majority of his investment would go into Chainlink's Link token.

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Link by itself has appreciated over 40x since 2019. Terrance would be able to sell of portion of his crypto and hand to transfer fiat currency back into his bank account in order to prove to banks he had the necessary equity to purchase a home. Not only was Terrance timing the crypto market well since currency real estate condition has mortgage rates at all time lows he used his equity to pay a down payment and took out a low rate mortgage. Terrance was taking advantage of the housing boom.

A True Hloder

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(Coutresy of MarketWatch.com)

Terrance being tech savvy was trying to look for the next big dot com investment. Similar to in the 1990s where tech stocks were booming he sawy crypto had that type of potential. He was looking at Google, HP, AMZN, and AAPL as potential equity investments but decided to go towards crypto as by the late 2010s the stock market did not seem to have the potential to get massive gains like crypto would. The risks he took paid off as within three years he had enough money to purchase his dream house with the proceeds he had in crypto gains.

Main reason Terrance wanted to sell out of his crypto was because he saw it was an opportunity of a lifetime to purchasing a house of his dreams. He did not want to miss the chance to purchase the house and since he had enough crypto gain he decided he would forgo some of his crypto for the sake of getting what many would considered the most expensive asset one can purchase in their life time.

When Terrance was interviewed he was adamant that if he had not invested in crypto he would have never been able to purchase his dream house. However it was not that simple with just using crypto to purchase the house. Terrance had to convert his crypto into fiat as proof to his bank that provided his mortgage loan would accept. As of now there are not many banks that have a system in place to accept crypto as collateral for purchase of goods and services. The banks that did accept crypto as collateral however did not have the right house Terrance was looking for so he had to cash out on some of his crypto.

Achieving Your Dreams

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Lets face it some dreams cost money in order to achieve them. The purchase of one's dream house is one of the assets. In the case for Terrance even though he earn the means through investing in crypto it was not easy for him to simply use crypto in exchange for the house. Instead it required painstaking effort on his end to convert his crypto into fiat and find a bank that would provide the loan he sought for his dream house.

Bottom line it takes hard work and dedication in investing in order to achieve the necessary means to wealth. Terrance being late to investing in crypto considering he started in 2019 is setting up an example for many more to come just like him. Investors of crypto being able to live the life they dream of. An aspiration to so many of us who are also hloders.

Thanks for reading and to all please continue to hlod as great times are ahead for all of us who do.

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7 comments
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Haha that would be a dream! I hope to pay off my mortgage with Cryptocurrancy. But I live in Australia so unlikely

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Believe in crypto my brother. I am a believer. We going to get there as long as we hlod.

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That is cool
I would love you payoff my. Ortega he with crypto too.
I bought some BTC when it was around 4K mark and I am regretting that I did not buy a full BTC but just a portion. Otherwise I would have had my mortgage almost paid off.
But that’s ok, I got some profit though 👍

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