LEXINGTON, Ky. (WDKY) – A pair of Lexington realtors is selling a home for bitcoin.
The owners of the house said they think cryptocurrency could be the future real estate.
“As far as I know, no homes in Kentucky have ever been, at least tried to be, sold for bitcoin,” Whitney Pannell said.
Pannell and her husband Rick have this home on the market for 5 to 6 bitcoin.
“The home is priced at $300,000,” Rick Pannell said.
He explained the cryptocurrency’s value fluctuates depending on the day.
“The date the home closes, whatever the value of the bitcoin is that day, then the person that has the bitcoin in their wallet would transfer that bitcoin to our wallet,” Whitney said.
Lamar Wilson, founder of Black Bitcoin Billionaire on the social media app Clubhouse, said many people don’t understand Bitcoin because it’s technology of its own kind.
“A wallet is basically a private key, which is a very big number, that allows you to store your bitcoin,” he said.
Wilson said people see Bitcoin as risky because it’s not something you can hold in your hand.
“Today, people don’t hold their money in their hand anyway,” Whitney Pannell said. “There’s PayPal and Venmo.”
Wilson said he thinks the Pannells’ sale is a great idea because Bitcoin can be a tool used by everyday people.
“It’s hard money, it’s probably the hardest money we’ve seen. When I say hard, I mean hard to replicate, hard to create,” Wilson said.
The Pannells said following this sale, they want to teach others how to buy and sell with cryptocurrency. They said they prefer to sell the three bedroom, two bedroom home for bitcoin, but they will accept traditional payment methods, too.