You can buy a home with crypto money
It is not to be underestimated that many are skeptical of cryptocurrency. This has always been the case, and it will probably be the case for a very long time to come.
The only thing that is a bit awkward is that other people’s skepticism undoubtedly leads to consequences for those who really believe that cryptocurrency is a good investment that will lead to a good return in the long run.
Investing in cryptocurrency is something you can do in several ways, and there may be different reasons why you want to invest in it. It’s not like everyone does it just because they think it’s fun.
Some people may think long-term considering that they want to buy a home or something similar at a later date. But can you really use crypto money to buy a home? That’s the big question!
Buying a home with crypto money
However, buying a home with crypto money is not just easy. This is not necessarily because buying a home with cryptocurrency in itself is difficult.
But it can unfortunately be challenging to find a bank that accepts that your income comes from investing in cryptocurrency. This is something that can vary from bank to bank.
Should one stop investing in cryptocurrency?
A quick search on Google will give you a small overview of many who have been in this particular predicament. There is no doubt that they can afford to take out a mortgage or even pay the full purchase price in cash, but still not get the opportunity to do so .
The reason for this is that very many of today’s banks are skeptical that someone wants to take out a loan with crypto money or finance a home purchase with crypto money. In very many cases, this has led to a rejection of the loan application by many.
It is of course very awkward for those who experience this. But what exactly is the reason for it being a resounding no, even if it has nothing to do with the person’s income level or ability to pay? It’s simply because they do not know where the money is coming from.
Many banks feel that they are taking too high a risk by granting a mortgage based on cryptocurrency, because in theory there can be a real danger that this money will be laundered or similar.[etoro]
Some banks say yes
However, this does not mean that you should not invest in cryptocurrency if you want to. Or that one should refrain from asking about mortgages for that matter. Sooner or later, you will find a bank that is not skeptical and that therefore fulfills your loan application without objection.
The story of Mathias Marthinsen is a good example here . This, on the other hand, is a sad story that turned into a sunshine story. After being rejected by two different banks, he has received a positive response from another bank, so it will work out in the end!