At a time when the cryptocurrency market has been plunging for a few months now, millionaire investor and Shark Tank star, Barbara Corcoran’s statement that buying a home with bitcoin is the future, comes in as a whiff of fresh air.
Barbara in a recently held interview with Money mentioned that it indeed makes a lot of sense to buy and sell a home with cryptocurrency. She mentions that it is just ideal for the real estate industry. She further mentions that she is quite optimistic as she considers this to be a long term play which is well suited for all kinds of real estate transactions.
Barbara who has herself made fortunes as a real estate agent in New York is quite hopeful that bitcoin home sales is the next big phenomenon to take place in the years to come. She says that the primary idea is to rule out the middle men. According to Barbara, this change will come about as an outcome of the flagship cryptocurrency’s peer to peer nature. This eliminates any kind of extra costs that transcends privacy.
As reported in CCN, another significant point raised by the millionaire entrepreneur is the coming obsolescence of the banking system as an outcome of cryptocurrencies. She further goes on to claim that if the banks do not modify their operational model, they will become extinct within a decade. She mentions that if bitcoin continues to do what it is doing, she doesn’t see any reason for banks to stick around for long.
Although Barbara seems quite confident about cryptocurrencies, bitcoin, and real estate in the forthcoming years, she agrees that there are some challenges to it. Speaking of challenges, she mentions the absence of assessment and insurance in a peer to peer transaction system which is distressing for a lot of individuals. Apart from this, she mentions that the volatility of cryptocurrency is also a matter of concern.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]