Miami: First of a Kind All Bitcoin Real Estate Deal in Closes Escrow
By Katherine Kallergis @ The Real Deal
January 12, 2018

A Bitcoin evangelist who goes by the moniker “Paychecks” paid nearly 18 Bitcoin for a condo, in what appears to be the first cryptocurrency-only real estate transaction in South Florida.

Ivan “Paychecks” Pacheco, who co-founded the cryptocurrency website Bits to Freedom, paid 17.741 Bitcoin, or the equivalent of $275,000, for a two-bedroom unit at 777 Northeast 62nd Street in Miami’s Upper East Side neighborhood, according to brokers Stephan Burke and Carol Cassis.

Typically, investors who use the digital currency to buy real estate in the U.S. are converting it to cash, experts said, and no known deals before this have closed involving only Bitcoin.

Given Bitcoin’s extreme volatility, it’s been tricky to get buyers and sellers on the same page about pricing for Bitcoin-only transactions.

As Bitcoin’s value skyrockets and plummets, planning for its fluctuations is key to closing deals. A week ago, the virtual currency crashed to under $11,000, down from more than $19,000. On Thursday, it was trading at just under $14,000, and on Friday morning, it had exceeded $14,600.

Read the full article at The Real Deal