Is Cryptocurrency Right for Property Management? | Propertware
Summary
In April, 2021, California real estate billionaire Rick Caruso announced his company would begin accepting Bitcoin for rent payments. With Bitcoin and other cryptocurrencies growing in popularity, more real estate investors and property management companies may follow Caruso’s lead, allowing tenants to pay their rent in crypto. If an owner or investor is weighing their options, here are some pros you can offer them: At the moment, crypto is stored and distributed over a network of databases that are outside of the control of governments, banks, and other regulating institutions. While that makes investment in crypto somewhat risky, it also guarantees that the currency won’t collapse at a single point of failure, such as a bank going out of business (think Lehman Brothers). First, if you have a dispute over payments for services rendered and your client paid with Bitcoin, there won’t be any public record of the transaction, making your case hard to prove.