For some, Bitcoin (BTC) is not a currency, but rather a store of value. How valid is this theory when put to the test? This Colombian real estate platform has decided to accept Bitcoin as a transactional currency.
A real estate property in Bitcoin, a few meters from the Colombian beaches
Colombian real estate platform La Haus is collaborating with payment processor OpenNode to allow investors to purchase properties in bitcoins. This will allow buyers to make all or part of the payments in bitcoin via the Lightning Network or on-chain.
The launch of these bitcoin-payable real estate services in Colombia will begin with the new Natura City project, which is scheduled for completion by 2025. The project is located in a neighborhood in Santa Marta, less than 200 meters from Colombian beaches. The price of each apartment is estimated at approximately 2.19 BTC, or 400 million Colombian pesos.
La Haus was already accepting bitcoin payments for real estate purchases in Mexico, starting with the construction of homes in Playa del Carmen, Mexico. The company said at the time that it wanted to expand this payment method for all properties listed on its platform.
Cryptocurrencies and blockchain: disruptions in the real estate sector
Crypto projects and blockchain are transforming the real estate industry. Bitcoin and its cadets are alternatives to fiat currencies for payments. A Venezuelan citizen had bought a real estate property in Anzoategui with tether (USDT) in July 2021.
Finally, blockchain enables the tokenization of real estate, making investment in real estate accessible even to small budgets. The property rights of a $1 million property can thus be represented in 1 million tokens – or more. Anyone could then theoretically invest in that property for just $1, by purchasing a single token, representing 1 millionth of the property. The management of property rights – traceability, security – is facilitated by the decentralized nature of the blockchain.
More and more players in the Colombian economy are opening up to cryptocurrencies. Real estate platform La Haus has joined the BTC revolution, and it’s not the only one. Even banking giant la Bancolombia has taken the plunge into cryptocurrencies.
