TUKWILA, Wash. - Buying a home in the Seattle area is expensive and if you own property you probably bought it with a loan or maybe cash. Now a recent college graduate bought a home using cryptocurrency.
There are many kinds of cryptocurrency. Think of it like digital money. Countries have their own currency, for example, you can change dollars for Euros when visiting Europe. You can buy cryptocurrency using regular cash online.
The value of the crypto changes just like money.
Cary Kuo, a 23-year-old recent college graduate used a couple thousand dollars to buy cryptocurrency in June and within a few months, he was able to purchase a home with the returns from his investment.
Like ay typical homeowner Kuo as ideas for his new place.
“I’m gonna change out all the doorknobs, do various things,” said Kuo.
This three bedroom, two bath rambler in Tukwila looks like any traditional home.
“I’ve always loved these Riverstone walls,” said Kuo of the detail on his fireplace.
Kuo may live in a traditional home, but he’s neither typical nor traditional.
”I’m 23,” said Kuo.
This 23-year-old electrical engineer says he’s been investing money since junior high school.
“Early 9th grade until this past year, I had the bulk of my money in the stock market,” said Kuo.
When his friends told him about investing in cryptocurrency he was hesitant at first.
“I didn’t buy into it for a long time,” said Kuo.
He was intrigued and looked into which crypto was best for him.
“Litecoin, there’s Monero, Ripple, there’s so many,” said Kuo rattling off a list of common cryptocurrencies.
He decided to try his first investment in the digital marketplace this past June.
“In one day I put in $4,500,” said Kuo.
Cryptocurrency rates change rapidly but he says a few thousand can quickly become a whole lot more.
"$4500 can easily become $45,000,” he said.
Kuo added to his initial investment over the next few months.
“Some investments I make a 300% return in just a month, some investments are slower,” he said.
Less than half a year later, he was able to pay more than 400,000 for his home solely off the profits from his cryptocurrency investments.
"I had no idea it was a novel thing. My agent texted me saying Fanny Mae said you may be one of the first,” said Kuo.
His agent, Nelya Calev with John L. Scott says when Kuo told her he’d be buying a cryptocurrency there were a lot of unknowns.
“It just went way over my head,” said Calev.
She says with normal purchases there are experts you can reach out to for help.
"With crypto and Bitcoin there are no people we can go to,” said Calev.
In the end, Kuo cashed out his cryptocurrencies for regular dollars to buy the home and he plans to repeat his crypto real estate purchases.
“I think I’m going to try to buy a property every year,” said Kuo.
Calev says following Kuo’s purchase she’s already gotten calls from many people looking to purchase homes with cryptocurrency and she says it’s likely more homes will be bought with the currency in the marketplace.