- Milo now allows US citizens to buy a home solely with Bitcoin as collateral.
- Fintech in real estate Milo will launch the first bitcoin mortgage offering in the United States, allowing clients to use their bitcoin holdings to buy real estate in the country.
Milo is a financial technology business that is now allowing US individuals to buy properties using their cryptocurrency. As a buyer, you don’t have to sell your assets, so you won’t miss out on future gains or have to pay taxes. Their Bitcoin will just be a mortgage to the corporation when they buy a house.
One can lend the corporation their Bitcoin in exchange for a 30-year low-interest loan to pay off the mortgage. The Bitcoins will be refunded once they have paid it back. As a result, if the value of BTC doubles over this time, they will not miss out on the gains.
To purchase a home, one must often make a downpayment and borrow the remaining funds from a bank. After that, the owner can pay an EMI to own the house on a monthly basis. While there is nothing wrong with this method, folks who have a significant portion of their assets in crypto would never want to sell it to buy a home. This is for two reasons: first, they are losing future profits, and second, they must pay tax as soon as they purchase it. Milo has now purchased a crypto mortgage option that allows US citizens to purchase homes using Bitcoin.
Milo says this is a great alternative because it doesn’t demand a downpayment in dollars. Users will be able to benefit from the price appreciation of both their home and their BTC. In 2022, the company plans to make this crypto mortgage available to the majority of its applicants.
Milo’s CEO and Founder, Josip Rupena, stated that there are several tales of people using their crypto or Bitcoin to buy a house or something else and then seeing it appreciate in value. As a result, this new alternative will be a blessing to such individuals. This is due to the fact that selling cryptocurrency to purchase a home makes it much more expensive due to the opportunity cost.
The crypto market cap is currently valued at over $2 trillion, indicating that a large number of people have invested in it.