Real Estate

From a real estate agency to an A/C repair shop, these North Texas businesses are betting on bitcoin – Dallas Business Journal

From a real estate agency to an A/C repair shop, these North Texas ...

Twenty-five stories above Victory Park, a condo at the W is for sale. It has a million dollar view, and just over a million-dollar price tag.

“(It’s) $1,049,000,” says Brandt Barham, co-Founder of Nail & Key Realty. Barham says the condo can be bought with regular money or with Bitcoin.

“I think the demographic for people who would want to buy in the W is the same as the demographic that would typically invest in Bitcoin…late 20’s, early 30’s professional,” he added.

El Segundo, California-based startup Aperture Real Estate Ventures has also brought cryptocurrency home sales to Dallas-Fort Worth, with plans to sell a North Dallas house after fixing it up and readying it for a would-be buyer.

Early on, Bobby Sharp saw big potential and co-founded Coinsource. The Fort Worth-based company operates special ATMs where you can buy and sell Bitcoin. Sharp gave a demonstration using a five dollar bill:

“I put my 5 dollar bill in … keep in mind a Bitcoin right now is $11,045. So you are buying a fraction. I am going to buy .0041648 BTC (an abbreviation for Bitcoin).”

Coinsource is in 14 states and today has about 200 machines. Sharp says the company plans on doubling that number by the end of 2018.

Bitcoin is volatile. And it isn’t backed by anything like gold reserves or a government’s reputation. Its worth is determined by supply and demand. In January 2017, people paid about $1,000 for 1 Bitcoin. By December of 2017, they were paying more than $19,000 for one.

Ron Meade enjoyed that climb. He owns Seal Heating and Air Conditioning in Tarrant County, which accepts payment in cryptocurrency. He also owns some Bitcoin, which he has held onto for years as it has exploded in worth. Meade was introduced when a former boss gave Bitcoin as bonuses. At that time, a bitcoin was worth $200.

Bitcoin has also found its way into North Texas sports business. Next season, Dallas Mavericks fans can buy tickets to games using the currency.

Find video coverage and this story in its original form on WFAA.com by clicking here.

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