SoCal Escrow Company Joins Ranks of Those Accepting BTC for Real Estate

Southern California company Glen Oaks Escrow announced on Oct. 9th. that it will begin accepting payment in Bitcoin and Bitcoin Cash through BitPay.

Glen Oaks states in their official release that they made the decision to start accepting BTC as payment due to the rising number of properties being sold for BTC, citing a home in Lake Tahoe that sold for 2,739 BTC, the equivalent of $1.6M USD at the time.

Is going for 74.18 BTC.Hoping to buy or sell a home with crypto? One of Southern California's largest real estate escrow companies now accepts #Bitcoin and #BitcoinCash with BitPay.

BitPay October 11, 2018.Who's Actually Selling Homes for BTC?The move seems geared toward luxury property owners, and there does appear to be a market for multimillion-dollar real estate buyable with BTC. The company Bitcoin Real Estate.

The BTC payment goes to escrow through BitPay, who converts it back to fiat and sends that money to the property seller.

BTC dropped more than five percent, currently valued at $6,273.

The drop was apparently precipitated by a massive sell-off of BTC on Oct. 11 due to worries over BTC's failure to rise in value.

While homes have been buyable for BTC for a few years now, the currency's recent fluctuations in value have many crypto investors watching it closely to see if it will bounce back, as it has in the past.

Holders of BTC and BCH may want to keep holding to determine if they can get more bang for their crypto buck on a home.

A large escrow company willing to get behind cryptocurrency could help it gain traction in the real estate world and the fact that they've teamed up with BitPay will likely help bolster consumer faith in their cryptocurrency purchases.