You will soon be buying your home with crypto, According to Shark Tank’s Barbara Corcoran

Think buying and selling homes for bitcoins sounds like a one time thing during the crypto craze and bull run back in December? To Shark Tank‘s Barbara Corcoran, it sounds perfectly natural and like “common sense”

 

“It makes great common sense,” Corcoran said in a recent interview with MONEY. “I’m being very optimistic because, as a long-term play, it’s perfectly suited for real estate transactions.”

Buying real estate for crypto coins is uncommon, but not unprecedented. There have been houses being sold for cryptocurrency from Texas to Manhattan, and there are currently 140 properties for sale or rent on Zillow that mention cryptocurrency leading coin in their listings. Corcoran, who founded and later sold the New York City real estate agency for $66 million in 2001, says Bitcoin real estate sales will be the norm in the future.

Why? “It’s peer-to-peer, with no central anything, and that’s why it’s so powerful,” Corcoran says. Such transactions, she explains, allow buyers greater privacy. “The main idea is to eliminate the middle guy.”

In fact, Corcoran predicts Bitcoin and other cryptocurrencies will do what most crypto enthusiasts hope it will do –  eliminate the need for middlemen and banks.

“I really don’t expect banks to be around 10 years from now unless they change their model,” Corcoran says. “I don’t see why it’s going to be needed if Bitcoin does what I believe it’s going to do.”

Not everyone agrees with Corcoran in her strong believes in cryptocurrency. Legendary investor Warren Buffett called Bitcoin “probably rat poison squared,” and Vanguard’s Jack Bogle has warned investors to “avoid Bitcoin like the plague.”

Of course, mrs.Corcoran is aware of the difficulties bitcoin and other cryptocurrencies face and hurdles they have to overcome to enter the mainstream.

She says that because of the decentralized nature of cryptocurrencies, a crypto-sale means there’s no insurance or appraisal, which makes people think twice and feel uncomfortable. And then there’s the cryptocurrency’s infamous instability and price volatility.

“I could agree, this week, that that unit is worth $3 million,” Corcoran says. “If, by next Thursday, the bottom falls out and [the Bitcoin] is worth $2 million, that $3 million agreement is useless.”

Although she voiced this positive opinion on the future of bitcoin, Corcoran says she’s personally staying away from cryptocurrency.

“I lose my credit cards at least once a week, I lose my cell phone once a month,” Corcoran says, “and I can’t even imagine being like that guy in England, what did he lose, $127 million because he lost his private key code?”

Still, Corcoran thinks cryptocurrency will break through these snags in the road — and anyone who says otherwise is “guarding the old guard.”

“That, to me, is the death knell of an old business,” Corcoran says. “The big guys that control the marketplaces are always the last guys to see the train coming.”
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Rene Peters

Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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