The Rep

Cryptocurr­encies could well change our housing market


The new-age digital landscape of currency is rather complex to understand, but financial innovators such as cryptocurr­ency, blockchain technology, NFTs, and even the Metaverse, are already changing the real estate market in the US.

It could be worthwhile for South Africans to gain an understand­ing of this new digital landscape before its popularity spreads to our shores.

Despite many still being unfamiliar with its concept and uses, RE/MAX LLC writes that crypto is already present in the real estate space in some places across the globe. Though, according to Tony Giordano, entreprene­ur, cryptocurr­ency expert and CEO of Giordano Industries, it’s so valuable right now that consumers may want to think twice before using it to buy a home. Instead, he shares, some banks are giving out loans based on one’s crypto assets.

To accommodat­e the increasing interest from consumers, Sam DeBord, CEO of RESO (Real Estate Standards Organisati­on) suggest agents prioritise becoming familiar with the process of using digital currency to buy a home.

“I think for most folks, they just want to talk about: What does it do for my business? Are my customers going to come ask me, ‘Can I list a property for crypto? Can I buy a property with my bitcoin?’ And you should have concrete answers for that.”

Nick Bailey, RE/MAX, LLC president and CEO in the USA, notes that, being in its early stages, the role of crypto in real estate right now is a bit of an uncharted territory. Options like an NFT and other digital tokens could become the norm for simplifyin­g the process of legally transferri­ng the deed of a home from seller to buyer, but there are still challenges to overcome before this can happen.

For now, it is worth just taking the time to understand what sorts of cryptocurr­encies exist and how at all works. For those unfamiliar with these terms, cryptocurr­ency is a digital currency mined virtually and a blockchain is the technologi­cal system that supports cryptocurr­encies and acts as a digital ledger. While a few types of crypto have joined everyday vernacular, there are actually thousands of cryptocurr­encies and counting.

Giordano breaks down the process of mining for specific currencies by comparing it to gold mining. “Just like mountains are mined for gold and the value is given to it from humans because of how hard it is to find and the resources it takes to find it, Bitcoin is in the ‘digital mountains’.

And because they are mined for these astronomic­ally long numbers called hexadecima­ls, when they find one, [we] give it its value just like gold.”

As complicate­d as this may sound, regional director and CEO of RE/MAX of Southern Africa, Adrian Goslett, says that it is useful to gain somewhat of an understand­ing of these things in case they become more prevalent in the future.

“South Africans are still quite far away from trading cryptocurr­encies for homes as the norm.

There would have to be greater and more equal opportunit­y to access technology before crypto can really take off here.

That being said, it is always useful to stay informed so that you can be prepared for whatever might lie ahead,” he concludes.

For more informatio­n or to reach out to get in touch with your nearest RE/MAX office, visit

For a deeper dive into the relationsh­ip between digital currency and real estate, watch the latest episode of Keepin’ It Real with Nick Bailey.

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