The deed to the house is a new milestone since it is the first real estate purchase entirely made in Bitcoin. The Order of Notaries of Portugal modified trading policies to allow using cryptocurrencies with no need for conversion to fiat currencies.
In 2022, the adoption of Bitcoin (BTC) and other crypto assets has been remarkable worldwide. One of the most recent use cases of the pioneering cryptocurrency was the sale of a house for 3 BTC in Portugal.
The trade of digital assets and their use to acquire various physical goods and pay/buy services increase every day. However, no real estate company had reported the sale of a house exclusively in Bitcoin until May 5th.
The Adoption of Cryptocurrencies Continues to Grow
The house purchase agreement of the real estate company explained that the payment must be 3 BTC. During the negotiation, that amount was equivalent to about EUR 110 thousand but now just over EUR 98 thousand.
During the signing of the deed of the house sold for 3 BTC, various witnesses were present. There were representatives of the company Zome Real Estate, notaries, and partners, among others.
One of the witnesses said how it all started, mentioning that the real estate company did an advertising campaign on Facebook. The post explains that the above firm is at the forefront of everything dealing with cryptocurrency adoption and Web 3.0.
Besides that, they commented that it is a new historical milestone for Bitcoin and other cryptocurrencies. They said this deed consisted of transferring a digital asset (Bitcoin) to a physical one (the house). They explained that there would be no conversions to euros, opening up new possible businesses in the real estate sector.
Operations in Bitcoin Create Opportunities for Value Growth
Carlos Santos, the technology director of the above real estate company, explained that agreements in cryptocurrencies only provide new opportunities to companies.
Nuno da Silva Vieira, the lawyer of Antas da Cunha Ecija & Associados, stated those operations are a good opportunity for growth and value creation.
In addition, their blog explains that Zome Real Estate is creating initiatives on Web 3.0. It also states that they will introduce them to the public sooner than expected.
Portuguese Notaries Develop Guidelines for Buying Goods with Cryptocurrencies
It is relevant to remember that those transactions had not become possible until recently. The Order of Notaries of Portugal (ONP) had a policy that prevented the purchase of real estate directly in cryptocurrencies.
In other words, if people wanted to acquire real estate with cryptocurrencies, they had to sell their tokens for euros. Then they had to carry out the transaction through a financial institution/bank.
During the past month, the ONP modified buying/selling policies, allowing the purchase of real estate transactions entirely with Bitcoin or other cryptocurrencies. In addition, buyers will not need to convert crypto assets to euros or other fiat currencies.
By Alexander Salazar