Homeowners across America are selling their homes for bitcoin to cash in on the cryptocurrency bubble.
Over the last year, an increasing number of real estate listings have begun accepting or requesting cryptocurrency for payment. Some sellers only accept bitcoin as payment.
According to Mashable, real estate site Trulia had about 80 listings that mentioned cryptocurrency last month, while Redfin said it's seen the number of listings accepting cryptocurrency rocket from 75 in December to 134 in January.
To make it work, you need two parties to agree on the transaction, according to realtor Piper Moretti, who has closed five sales using bitcoin.
Typically, the buyer and seller agree on a fixed price in dollars and then decide on a fair exchange rate at closing. The bitcoins are then converted to cash by a third party, like BitPay, and the cash is then given to the seller. The buyers take on all the risk, Moretti said.
The opportunity has allowed newly-minted bitcoin millionaires to offload some of their cryptocurrency, which changes value constantly, for a more stable asset.
But skeptics warn that the bitcoin bubble is about to burst. Fears over tighter regulation led the price of bitcoin to fall to $5,947 in February, or about 225% below its record high in December. The currency is now trading over $10,000 per coin, though it remains extremely volatile.
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