Millionaire investor and Shark Tank star Barbara Corcoran has revealed that buying a home with bitcoin is the future. His comments come at a time when the market capitalization of cryptocurrency has been in free fall for months, coupled with critics grumbled some circles.
In a recent interview with Money, Corcoran suggested that buying and selling a home for cryptocurrency is perfectly logical and ideal for real estate. "I am very optimistic because, as a long-term game, it is perfectly suited to real estate transactions," she said.
The star of Shark Tank, who made a fortune as a real estate agent in New York, was of the opinion that bitcoins sales would become a common phenomenon in the years to come.
Peer-To-Peer Function
Corcoran thinks that this will be the result of the peer-to-peer nature of the flagship cryptocurrency, which removes the extra costs by creating a transcendent intimacy. "It's peer-to-peer, with nothing central, and that's why it's so powerful.The main idea is to eliminate the guy from the middle," she said.
In fact, many people have been attracted to the so-called "cryptoshere" because of its peer-to-peer feature that removes one-third of all transactions. Regarding privacy in a financial transaction, which many consider as acquired, cryptocurrency solidifies it.
Bitcoin will replace banks:
Another striking point that the entrepreneur raised in the interview is the upcoming obsolescence of the banking system as a result of cryptocurrencies. It predicts that in a decade, the banks will be gone if there is no change in their operations.
"I really do not expect banks to be around 10 years from now unless they change their model," she noted. "I do not see why it's going to be needed if Bitcoin does what I believe it's going to do."
Having your bank account on your cell phone, and many other experts have maintained their reputation. More so, it is considered to be a unique means of controlling your own finances.
There Are Challenges
Even though Corcoran is very bloody about cryptocurrencies and real estate in the coming years, she thinks there are some challenges that come with it.
She illustrated the lack of insurance and assessment in a peer-to-peer transaction is distressing to many people. Additionally, cryptocurrency's infamous volatility is also worrying.
Corcoran said:
"I could agree, this week, that this unit is worth $ 3 million. If by next Thursday, the bottom falls out and [the bitcoin] is worth $ 2 million, that $ 3 million agreement is useless. "
Irrespective of her enthusiasm for cryptocurrency, the waitress-turned-real estate mogul thinks crypto is not for her. This is a credit card and a credit card.
Yet still, the millionaire who still flies the economy will thinks with these bottlenecks on its way and the antagonists will kick themselves for missing out. "The big guys that control the marketplaces are always the last guys to see the train," she observed.