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- A software engineer bought a house through his crypto investments.
- Leonard started to take interest in the new asset class – cryptocurrency, two years ago and soon enough realized its “potential”.
- The software engineer highlights the crypto market as being in a similar position as the dot.com boom in the 1990s, before the bust.
Dreams can be made into reality if you are investing in cryptocurrency! Well, this is true for Terrance Leonard, a software engineer from Washington D.C., who bought a house, actually opted for a mortgage when his ideal home came on the market.
Leonard says he was ready to pull the trigger! He used his cryptocurrency investments to cover down payment and as proof of funds for a mortgage, he took out to buy the home because of the low interest-rate environment. But it wasn’t all a cakewalk. The software engineer shared that there was back and forth between the lender and the title company making sure that was OK.
Marketwatch quoted Leonard saying, “I thought, ‘This is exactly what I want,’ “And I’m ready to pull the trigger right now.”
The report further added, “To afford the $650,000 home, Leonard opted to use his cryptocurrency investments to cover a down payment and as proof of funds for the mortgage he took out to buy the home”
Leonard thanks his lucky crypto
Leonard started to take interest in the new asset class – cryptocurrency, two years ago and soon enough realized its “potential”. He said he sold all his stocks, his 401(k) and moved it all into crypto. And he is very much happy. Leonard attributes his ability to purchase his perfect home to the success of the investing strategy he adopted. Without investing in crypto, he said there would have been no way that he would have been able to buy the house at the time when it came on the market.
The software engineer highlights the crypto market as being in a similar position as the dot.com boom in the 1990s, before the bust. Leonard shared that some of his investment were in Bitcoin (BTCUSD, 2.97%) and Ethereum (ETHUSD, 1.17%). But the bulk of his money went toward purchasing Chainlink LINKUSD, 8.32%, which was launched in 2017.
It wasn’t a cake walk
But it wasn’t easy as it may have been with fiat currency. Leonard said there were some issues with proof of funds. He couldn’t just transfer over the crypto investments or show his account on Coinbase to satisfy the lender and his title company. He needed to cash out into a bank account, like someone might do with money earned in the stock market.
Now, when Leonard looks back, he feels the process might have been easier if he had sought out a home from a real-estate broker who specializes in transactions involving cryptocurrency. Some brokers have begun listing properties where the seller only wants to be paid in cryptocurrency.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
