30 Jan '17, 9pm

Man Buys California Home with Bitcoin, Makes $1 Million Profit

Twitter Linkedin Facebook Reddit Weibo A buyer who purchased a house using bitcoin got a 25% windfall, thanks to this month’s jump in the bitcoin price between when the contract was signed and when the transaction took place. Sonny Singh Sonny Singh, chief commercial officer at BitPay , shared the story in a recent Bloomberg Markets interview (MP3) with hosts Cory Johnson and Carol Massar. He said a real estate developer approached BitPay because a home buyer wanted to buy a house with bitcoin. The real estate developer wanted help in facilitating the transaction. “We’ve actually helped facilitate several bitcoin transactions for persons with houses in the last couple years,” Singh said. “We walked him (the developer) through how it worked, and the process.” Volatility Delivers A Bonus The buyer paid around $4 million for the Los Angeles County, California home. Bitcoin’s ...

Full article: https://www.cryptocoinsnews.com/lucky-timing-california-h...

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