A year ago, if you were to tell Ian Fitzgerald that he’d be doing any sort of transaction using cryptocurrency, he would have balked, but just two days ago he put his Mount Pearl home up for sale — and added cryptocurrency as an option for buyers.
“It’s like anything, when somebody’s presented with something that’s brand new, they just look at it, like, ‘No, this can’t happen’. But cryptocurrency’s been going on for 10 years now, and it’s building and building.”
Fitzgerald explained that he’s had people try to convince him to get on board with cryptocurrency for a while, and he finally looked into it about 10 months ago.
Today, he’s passionate about it. So much so that he’s added cryptocurrency as an option for buyers of his home at 10 Putney Place, which he is selling in a private sale.
The advertisement begins like most real estate ads, describing the “large executive home” on a “quiet cul-de-sac.”
His post on Kijiji then states that the asking price is $459,000 cash or $310,000 cash plus either 10 Bitcoin, 150 Ethereum, or 500 Litecoin. The advertisement states that using cryptocurrency means substantial savings — “do the math,” it reads.
"It’s like anything, when somebody’s presented with something that’s brand new, they just look at it, like, ‘No, this can’t happen’. But cryptocurrency’s been going on for 10 years now, and it’s building and building.”
Ian Fitzgerald
Fitzgerald said it works out to a savings of about $50,000 for the buyer.
“But I’m actually going to pick up, in a year, about an extra $300,000 based on what cryptocurrency values should do.”
Fitzgerald said the house sale would still go through the same checks and balances as any other transfer of property does, with a lawyer present during the cryptocurrency transaction, if the buyer wishes to use that method of payment.
Real estate sales involving cryptocurrency are on the rise in other parts of the country, but so far it hasn’t been on anyone’s radar in this province. Until now.
Sitting in front of a laptop in his living room, with ladders to one side of the room where he’s putting on a fresh coat of paint for the sale, Fitzgerald spoke passionately about blockchain and cryptocurrency.
“It’s unbelievable what it will do on every level,” he said. “It is going to be the future of transactions.”
Fitzgerald said blockchain makes all transactions safer, including the ability to have “smart contracts” that ensure everything goes smoothly. He joked that if blockchain was used with the Muskrat Falls project, it wouldn’t need to undergo a forensic audit today.
He said he can even see prenuptial agreements using blockchain. Fitzgerald used that example because he also runs a divorce management consulting business called Divorce NL, where he helps couples through the process of getting a divorce. He offers his clients a 30 per cent discount if they pay using cryptocurrency.
“I can see where the value of this coin is going to go, and if I can do something for somebody that’s going to give them a short-term break or discount where they’re saving money instantly, in my case, because of where it is, I’m going to pick up more money in the long-term.”
Fitzgerald also has a business called The Crypto Tree, which matches people with crypto mining contracts and educates people and businesses about cryptocurrency, and he administers the Facebook page Crypto Talk, where he posts about all things related to cryptocurrencies to help people learn more about it.
Fitzgerald believes cryptocurrency is the future of all sorts of transactions.
“It’s going to be part of the real estate industry, it’s going to be part of the auto industry,” he said. “Because it’s built on 100 per cent trust.”
Fitzgerald explained that when he purchased his house, there was damage done to it that was hidden from him.
“In a blockchain system, when a house is built … if there’s a transaction with that house, there’d be a new block formed and it’s locked. So, someone can’t go back and (change it). Basically, you get a truer value of what the history is on a property.”
Meanwhile, Fitzgerald said he’s had some enquiries about the house, but so far no one is interested in using cryptocurrency.
Twitter: juanitamercer_
