First Home to Accept Bitcoin in Delaware Sells for $1.75 Million


A property in Delaware, which was the first in the state to accept Bitcoin as a payment option, has been sold for a cool $1.75 million.


93 Wedgewood Road, Newark, Sells

Back in January, the property of three bedrooms, five bathrooms, and two half-baths was reported on. Nothing too spectacular about that, but what did set it apart was the accepted payment options available.

Built in 2013, the home was a dream for the couple who initially lived there. However, after living in the 8,375 square foot home on 4.2 acres of land, they eventually moved out of the area. Putting the house up for sale, the asking price was listed at $1.75 million. Notably, though, Bitcoin was also an accepted payment option, making it the first home in the state of Delaware to accept cryptocurrency.

Now, seven months later, that house has been sold for the asking price, reports the Delaware Business Times. The home also boasts a five-car garage and backyard pool.

Michael A. Kelczewski, head of MAK Group, an estate agent in Wilmington, Delaware, where the house was listed, made the sale announcement earlier this month.

Taking to social media, he said:

As I continue to scale a growing real estate practice across 3, soon 5 states, I look forward to further disrupting an industry stuck in the 20th century.

I sold the #Bitcoin house! 🎆 Not only the first property offering Bitcoin payment support in #Delaware , but the entire…

Posted by MAK Group on Friday, July 6, 2018

He went onto say:

Why are barriers present to acquire America real estate? Our country provides an unparalleled unique combination of title records, property rights, and financial systems. A solution is present.

Notably, though, even though the property sold for the asking price, it’s not known if Bitcoin was used to buy the house. However, the assumption is that cryptocurrency was used due to the social media posting by the Realtor.

Cryptos Head into the Mainstream

The use of cryptocurrencies for real estate could soon take off. And as the number one crypto asset, Bitcoin is leading the way.

According to an investor on ABC’s Shark Tank, the use of Bitcoin in real estate is “common sense.” In the opinion of Barbara Corcoran, the idea is to “eliminate the middle guy.”

Yet while Bitcoin is gaining ground, its use in real estate is low. However, that could eventually change. In Venezuela, for instance, the country is turning to its crypto asset, Petro, to fund new homes in the country. It may be a long way to solving the country’s inflation, but it shows how it can be used for good.

Do you think more homeowners will accept Bitcoin for the sale of their home? Let us know in the comments below.


Images courtesy of Shutterstock and Facebook/@MAK Group.

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