Brock Pierce Buys World’s First Bitcoin Mortgaged Real Estate Worth $1.2 million

Now it's possible to buy a property without actually spending your crypto holding.

Why will any crypto hodler like to liquidate his / her crypto holdings in this market? May be, he / she wants some fiat to spend. But Brock Pierce shows you a way how to do it without even touching your crypto portfolio.

Recently he bought a unique real estate property in Amsterdam for $1.2 million. But he did this without selling a single bitcoin from his holding. In fact, he mortgaged his Bitcoins to take a loan in fiat to settle this real estate purchase.

The mortgage loan was facilitated by Nexo - a Swiss based startup dubbed as an instant crypto credit line, with the support of realtor Michael Kelczewski of "Bitcoin Real Estate".

Nexo provides instant loans upto $2 millions against your crpto holdings in 45 different fiat currencies within 24 hours.

Pierce said:

Being able to borrow against one’s crypto assets gives one options, when wanting to purchase a property, and aligns with my philosophy that real estate and tokenization will be a quadrillion dollar market. I was able to hold on to my crypto and settle the transaction in fiat

It's interesting to note that Brock Pierce holds over 95% of his net worth in cryptocurrencies. So he used more than $3 millions in Bitcoin as collateral to purchase this awesome property in Amsterdam - a renovated chapel-turned-home. It was actually an illegal Catholic church built in 1744.

Interestingly, this Church-turned-home features God handing down a coin to man. Of course, it wasn't a Bitcoin as it seems to be inspired from Tower of Coins, the first mint in Netherlands. But perhaps henceforth that will represent a Bitcoin!

_{All pictures courtesy: Private Mansions}