Real estate is shifting towards Bitcoin. In today’s world where everything is becoming more instantaneous, people want things faster. Standards are higher, and patience is shorter. How long can you kill time waiting for something by scrolling on the internet through your iPhone?
|Millennials Surveyed||Prefers to Pay Rent using Bitcoin||Doesn’t Prefer to Pay Rent using Bitcoin|
We surveyed 900 millennials that are currently renting a house or apartment throughout the United States. They were asked this simple question: “Would you rather pay rent using BitCoin?” Shockingly, an overwhelming 71% of millennials stated that they would prefer to use either Bitcoin, or another alternative cryptocurrency, to pay for their next month’s rent.
A strapping young lad at the age of 26 explained, “I don’t understand why some landlords aren’t on Venmo or CashApp. It’s completely trustworthy and is not going away. When I trade cryptocurrency, I do it right from my phone using different apps. I could easily pay rent for my place directly from one of those apps too.” He went on to express how consolidation of apps and platforms is the future. His intention is to approach his landlord this month to see if he can start paying rent for his apartment in Milwaukee, Wisconsin through Bitcoin.
Bitcoin continues to grow in popularity, and in price. The results of this survey indicate that many millennials believe that it is the future. Can our world operate on one centralized currency? Let’s think about this. The real estate industry has known to be ‘behind’ the technology curve. They are slow to adopt new systems and processes.
Several millennials have also stated that they would be open to buying a home using Bitcoin and other cryptocurrencies. Do you think entire real estate transactions can happen using this alternative currency? Would boomers be interested in selling a house that they’ve owned for decades using something like dogecoin?
From a tenant perspective, why should they still have to write a physical check and send it to their awaiting landlord via snail mail? The technology exists to bridge that gap and create a more efficient process. Millennials are sometimes perceived as things like ‘entitled divas’. Even if this has been true in some cases, they could be on to something when considering how tenants currently pay rent to landlords.