Bitcoin pays a mortgage

Once upon a time in America, owning your own home was the holy grail of the American Dream. Homes were expensive, sure, but with a steady job and a fixed-rate bank loan, you could plan for your future and hope to have a place to be in retirement, even if you had to cut corners in other ways.

That was before the emptying of the American job market made it increasingly difficult to get and keep a high-paying job, or banks began marketing ‘refinancing’ to allow people to live off ‘excess capital’ in their homes. , or that banks started selling subprime mortgages to allow people to buy more houses than they should have been able to afford – sustainable as long as interest rates don’t go up!

And then the subprime market crashed and undermined the entire economy, an event from which the world has not only yet not recovered, but with another collapse that appears to be on the way. It’s no wonder that according to some reports, 64% of Americans no longer think that owning their own home is a good investment. There has been some recovery in the housing market, but at least some of that movement is coming from wealthy people buying property that they want to rent – Rich Dad, Poor Dad’s strategy of buying property to rent is no longer a path to move up, but just another way for those who are already rich to continue to earn a lot of money.

On this 4th of July weekend, at least one person no longer has to worry about their home due to an early and smart investment in Bitcoin. The new owner reports on Reddit:

2 years ago, for the price of 1 monthly payment on my 30-year mortgage, I took a chance with bitcoin and bought 300 bitcoins from a friend. Yesterday I paid my mortgage and took the whole family to celebrate the 4th. I just wanted to express my thanks to the Bitcoin community. It’s amazing to feel debt free this Independence Day.

PS: I still have a lot more coins that I was able to collect over the last few years.

Happy Independence Day fellow Bitcoiners …

Edit: Instead of paying the bank every month for the next two decades, I will re-invest it in buying back more bitcoins. It feels so much better than paying the bank.

This person took a chance on Bitcoin when it was even more unknown and underdeveloped than it is now, paying just $ 6 per bitcoin, and now he’s reaping the payoff.

Is this a possibility for the many people who are struggling with housing and other financial problems right now? Probably not. However, it may be for some. Despite a number of high-profile scandals, Bitcoin is still seeing an increase in adoption judging by the number of wallets out there, more and more companies are putting up ‘Bitcoin accepted here’ signs, VCs continue to invest each time. more money into Bitcoin startups, banks are beginning to investigate Bitcoin more seriously, both as a threat and as a potential tool, and even China and Russia are moving away from tough positions.

The trend of Bitcoin is positive, so it is very likely that people who invest now will get great returns. The only reason I say that most people will not benefit from this is that most people will not take the risk. It is important to note that nothing is certain here: investing more in Bitcoin than you are willing to lose is never a good idea. That said, for some bitcoiners, like the redditor above, Bitcoin could save the American dream.