Vincent Averaimo was quoted in “Bitcoin for a house? CT experts say to proceed with caution” in CT Insider on June 17, 2022. The article discusses the listing of a home for sale in Westport, CT, which includes the language “May be purchased for cryptocurrency.” While it’s not the first house in the state for sale that is accepting digital currency, no homes in Connecticut have been recorded as being purchased with Bitcoin.
Digital currency in real estate sales is still uncharted territory for most real estate agents and can be a big risk for sellers and buyers because the currency is not backed by governments and central banks. This means their value can suddenly swing up or down.
In the article, Vincent notes that the volatility that comes with the currency is just one of the reasons why any buyer considering making a purchase with cryptocurrency should have a team of experts guiding them through the process. He stated: “If you’re doing a real estate transaction with cryptocurrency, your CPA better well know how the Internal Revenue Service is going to view the transaction for tax purposes.”
Vincent further noted that he expects the fast-changing cryptocurrency market to lead to specialization. “I think it’s going to create a kind of pocket specialty within the legal community and the title community, with people who have extensive experience in the cryptocurrency process,” he said. “I think it has to.”
Read the full article “Bitcoin for a house? CT experts say to proceed with caution” on the CT Insider website.