Bitcoin Pays a Mortgage


Once upon a time in America, owning your own home was the holy grail of the American dream. Houses were expensive, sure, but with a steady job and a fixed rate loan from the bank, you could plan for your future and expect to have a place for your retirement even if you had to cut your budget yet again. way.

This was before the collapse of the US labor market made it increasingly difficult to get and keep a well-paying job, or the banks started marketing a 'refinance'. 39; & # 39; to enable people to live on 'excess equity' in their homes, or that the banks started selling subprime mortgages to allow people to buy more homes than they should have been able to afford – sustainable so much that interest rates don't go up!

And then the subprime mortgage market collapsed and undermined the entire economy, an event the world has yet to recover from, but with another collapse that seems to be over in addition in progress. It's no wonder that, according to some reports, 64% of Americans no longer think owning a home is a good investment. There has been some recovery in the housing market, but at least part of that movement is coming from wealthy people buying properties they intend to rent – the strategy of Rich Dad, Poor Dad's buying properties for rent is no longer a way forward, but just another way for those who are already wealthy to keep hitting the big bucks.

As of this weekend of July 4th, at least one individual no longer has to worry about their home due to an early and smart investment in Bitcoin. The new owner reports on Reddit:

2 years ago, for the price of a monthly payment of my 30 year mortgage, I took a chance on Bitcoin and bought 300 bitcoins from a friend. Yesterday I paid off my mortgage and invited the whole family to celebrate on the 4th. I just wanted to express my thanks to the Bitcoin community. It is amazing to feel debt free on this independence day.

PS I still own a lot more coins than I have managed to collect in recent years.

Happy Independence Day, fellow Bitcoiners …

Edit: Instead of paying the bank every month for the next two decades, I'll reinvest it in redeeming more bitcoins. It is much better than paying the bank.

This person took the risk with Bitcoin when it was even more unknown and underdeveloped than it is today, paying just six dollars per bitcoin, and is now reaping the reward.

Is this a possibility for the many people who are currently struggling with housing and other financial issues? Probably not. It may be for some, however. Despite a series of high-profile scandals, Bitcoin is still seeing an increase in its adoption based on the number of wallets, more and more companies are displaying 'Bitcoin Accepted Here' signs, the VC continue to invest more and more money in Bitcoin startups, banks start to investigate Bitcoin more seriously, both as a threat and a possible tool, and even China and Russia move away from radical positions.

The trend for Bitcoin is positive, so people who invest now are very likely to see significant returns. The only reason I'm saying most people won't benefit is that most people won't take the risk. It's important to note that there is nothing for sure here – investing more in Bitcoin than you are willing to lose is never a smart idea. That being said, for some bitcoiners, like the redditor above, Bitcoin might just save the American dream.

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