June 22, 2021

The Real Estate Transaction Turned Rollercoaster By Dogecoin And Elon Musk

3 min read

Elon Musk strikes again! Via Yahoo! Cash we get the story of Kyle Seyboth, a Rhode Island real estate agent. He accepted 160,000 DOGE, “worth about $50,000 (or around $0.31 per digital coin) at the time” for a plot of land. While individuals involved in the Real Estate deal sorted out the contracts, DOGE went to the moon. His customer was a very pleased person, as the coins were now worth, “$116,000 (or around $0.72 per digital coin).

And then, Elon happened. The billionaire went on Saturday Night Live, pointed out that DOGE is “a hustle *,” and the price plummeted.

“That was among the threats– that he might be in the position that he needs to take his lumps,” Seyboth told Yahoo Money of the seller’s land-for-doge offer. “But he’s an investor and quite astute. And in his viewpoint, he wanted to lock the agreement with the capacity for the currency to increase and get more money.”

Associated Reading|By The Numbers: DOGE Achieves The Impossible, New ATH with BTC Pair

When they signed the papers, “the 160,000 dogecoins were worth $63,520 (or around $0.40 per digital coin).” As a curious reality, the buyer was also a developer and prepares to build a home there and offer the whole thing. Seyboth thinks that the realty market remains in bad shape, so every possible service is welcomed:

“There’s not a great deal of supply, and financiers are struggling with supply to offer. Crypto has been an excellent type of offset.”

DOGE price chart for 05/21/2021 - TradingView

DOGE price chart on BinanceUS|Source: DOGE/USD on TradingView.com Cryptocurrencies And The Real Estate Market

Obviously, the healthiness of the crypto market is the one in question these last couple of weeks. It's hard to believe that a month ago organization was booming. Pricing quote another Yahoo! Cash report:

Last month, there were 71 listings that mentioned crypto or bitcoin in their descriptions on the property listing website. That's 14.3 listings per 100,000 homes, the greatest rate on record, according to the data.

The previous high took place in March 2018, throughout cryptocurrency's last peak in popularity and costs. At that point, Realtor.com saw 12.7 listings per 100,000 homes.

Related Reading|Dogecoin Explodes 1,100% in GameStop-Like Copycat Rally

These realities echo in other parts of the world. A number of weeks ago MercadoLibre, Latin America's greatest e-commerce website, revealed Bitcoin in their balance sheet. Because short article, Bitcoinist reported on their experiments in Argentina, prices properties in cryptocurrencies.

However, the relocation may be part of a bigger plan. The business recently opened an area on their site committed to property commerce in Bitcoin and Bitcoin only. The pilot program consists of 75 properties and 7 realty companies happy to accept the cryptocurrency.

Nevermind Elon. The truth is, cryptocurrencies are here to stay. And, at the minute, volatility features them. Expect wild flights and rollercoasters for a while. This is just starting.

Featured Image by Sigmund on Unsplash - Charts by TradingView
  • REMEDIED 05/22 – – A previous version of this story said Elon Musk called Dogecoin "a scam," when in fact he said "a hustle."