Bills payment, airline tickets, a Tesla car, video games, groceries are just some of the many things you can buy or pay for using the world's popular cryptocurrency, Bitcoin. But aside from every essential item, you can now pay for rent using this digital currency.
Bitcoin is an online monetary system independent of government and bank entities. Bitcoin allows a more direct transaction, with each payment being documented and verified through an online database.
Since the digital currency was launched in 2009, more than 18.6 million bitcoins were created. According to Coinbase, last Wednesday, Bitcoin was trading just below $56,000 per coin.
Because of its popularity, Bitcoin is now widely used as a regular currency. It could be used in everyday transactions, including paying your monthly apartment rent.
Bitcoin for Rent
On Wednesday, billionaire Rick Caruso announced that his real estate company is starting to embrace the world of cryptocurrency by allowing tenants to use Bitcoin to pay rent at the company's residential and retail properties.
"We believe that cryptocurrency is here to stay. We believe that bitcoin is a right investment for us," Caruso told CNBC's "Power Lunch."
"We've allocated a percentage of what would normally go into the capital markets into bitcoin," he added.
It only means that tenants from Caruso's outdoor malls such as The Grove in Los Angeles and The Americana at Brand in Glendale, California, can now pay rent using the popular cryptocurrency. Renters at their luxury apartments can also enjoy this new payment option.
Caruso also confirmed that their private company just invested a part of its corporate treasury in bitcoin. They also signed a partnership with Gemini - the cryptocurrency exchange and custodian owned by Tyler Winklevoss.
Aside from using digital currency to pay rent, Caruso also envisions implementing a consumer reward for customers using Bitcoin transactions.
"Our loyalty program, what I envision in working with Gemini and the Winklevosses, is you will earn coin. You will earn a cryptocurrency," Caruso said.
"You can use that cryptocurrency on the blockchain then to spend at our properties. Check into our resort. When you live with us, pay your rent. We create this whole ecosystem," he added.
The real estate magnate said that his company's investment in Bitcoin would be long-term as they are looking forward to using it until the next decade.
Bitcoin for Mortgage
It is not the first time that the world-famous digital currency is used in the real estate market. In fact, there are tons of stunning United States real estate properties that homebuyers can acquire using bitcoin payment.
One of which is the perfect beach pad in Miami, Florida. For $335,000 or ₿6.44 BTC, you can get yourself a one-bedroom, one-bathroom apartment that boasts a stunning view of the Bay, Bricket Key skyline, and Port of Miami.
You can also use your Bitcoin to purchase your dream house like this 4,177 square-feet New York City house that sits on a massive 20-acre lot. For only $579,000 or ₿11 BTC, you can live in this two-story property with five bedrooms and four bathrooms.