Portugal is the latest country to begin to realize the power of cryptocurrency. According to a Cryptopolitan report from this past Sunday, Portugal has relaxed its laws regarding digital currency. It is now encouraging payments with tokens in all circumstances, including real estate purchases.
A buyer recently purchased a Braga apartment for three bitcoins (roughly $116,000). Zome, a real estate broker, participated in the Braga apartment sale with the ACE advocacy group.
However, this is not the first real estate transaction made using digital currency. According to the report, Bitcoin is used regularly in real estate transactions in the USA, Singapore, Colombia, and, of course Portugal.
The development of the crypto industry in Europe has accelerated after the highest regulatory authorities acknowledged that cryptocurrencies were the future. As a result, Portugal was one of the first countries to embrace cryptocurrency trading. The real estate industry also benefits.
The sale of the Braga apartment with Bitcoin is only the beginning of a wave in crypto adoptions in Portugal. National laws had previously prevented decentralized currencies from being traded before now. The report stated that the environment has changed and it is now possible for the Portuguese store, transfer and invest in Bitcoin.
Bitcoin tokens have a value of $31,000 right now, the lowest since July 2021. The report stated that Zome is open to including Dogecoin or other cryptocurrency into future real estate sales, as well.
Jamestown, a real estate management and investment firm, partnered with BitPay to accept cryptocurrency-based rent payments for US properties. Plans are to expand the partnership into Europe.
Jamestown will accept rent payments made in several cryptocurrency, including Bitcoin and Ethereum. The company manages approximately 26 million square feet of real estate in the US, including in Georgia, Texas and California.