The rise of cryptocurrency continues – this time beyond the digital realm. In recent years, investors have flocked to Bitcoin instead of traditional investments. Now, we are seeing increasing instances of cryptocurrency being used in mainstream transactions. Earlier this year, the world saw Tesla announce a $1.5 billion investment in Bitcoin, a leading cryptocurrency. The company also went on to say it was planning to accept it as payment. While the company would later go on to retract its acceptance of Bitcoin for car purchases, it highlighted a common thread: the normalization of cryptocurrency. Now, digital currencies are no longer just being used as a medium of investment. From the purchasing of real estate to the payment for tuition, goods and services, here is just a glimpse of how cryptocurrency is rapidly being normalized in the real world.
Cryptocurrency Increasingly Being Used In Real Estate Purchases
CNBC “Mad Money” host, Jim Craner hit headlines earlier this year when he announced that he had paid off his mortgage with Bitcoin proceeds. Capitalizing on record highs for the digital currency, the investment guru sold some of his cryptocurrency holdings and used them to pay off his mortgage early – leaving him the proud owner of his home outright. However, his story is not a one-off. More companies are accepting cryptocurrency for real estate transactions.
In Washington, D.C. Terrance Leonard used his cryptocurrency investments to cover his home down payment and as proof of funds. The process did come with its limitations, however. Leonard wasn’t able to just show his digital currency trading account as proof of funds. Instead, the lender required him to cash out into a bank account. He was also not able to pay his closing costs with cryptocurrency. Since March this year, consumers have been able to use a cryptocurrency mortgage to buy a home by showing a recent cryptocurrency statement as proof of their down payment. Homeowners do need to liquidate it before closing, however.
Digital Currency Goes Mainstream In The Food Industry
Real estate is not the only industry where cryptocurrency is going mainstream. Restaurants are also beginning to recognize the validity of accepting cryptocurrency in their establishments. In April 2021, CEO of Landry, Tilman Fertitta said that Landry would accept Bitcoin payments within the next 3 months. The restaurants include The Steakhouse, Mastro’s, and Mortons. Foodservice companies are also beginning to accept cryptocurrency as payment, including Shuttle and Takeaway Delivery, while Mastercard is set to enable cryptocurrency payments this year, enabling diners to use the option.
More Companies Accepting Cryptocurrency As Payment For Goods And Services
Elsewhere, other companies are jumping on the cryptocurrency bandwagon as payment for their goods and services. AXA Insurance announced in April that it would allow its Switzerland-based customers to use cryptocurrency as payment. Starbucks customers can use the Bakkt app to pay for their drinks. Finally, Visa has launched a Bitcoin pilot program with Crypto.com, and will now accept USD Coin (USDC).
With these and many more instances of cryptocurrency being accepted in everyday transactions, there is no denying that the world of digital currency is on track to becoming mainstream – sooner rather than later.