Bitcoin and cryptocurrency are hot topics in Panama real estate these days. With more “crypto-millionaires” emerging around the world, sellers are increasingly willing to accept digital currency, and the infrastructure to handle transactions is quickly improving.
At Punta Pacifica Realty, we’ve seen a significant increase in inquiries about using cryptocurrencies to buy or sell properties in Panama. While it’s been on the radar for a while, it is clear that it is about to play a real role in the market, as more institutions around the world recognize its value.
Although crypto is still in its infancy in terms of Panama real estate, PPR is working to connect several buyers interested in using crypto to buy a property. Sellers are warming up to the idea, with more willing to consider crypto as a primary source of payment.
A few sellers we work with recently announced they are now only open to selling if the transaction involves a specific cryptocurrency called Zen from the Horizen blockchain.
The recent surge in interest in Panama is clearly a response to recent global activity. The price of bitcoin recently zoomed more than 500 percent in a little more than four months, which has people looking to convert their cryptocurrency into a hard asset. Real estate is a traditional hedge against fiat currency inflation.
At the same time, it is apparent that crypto and blockchain technology are becoming mainstream asset class. Throughout the traditional financial world, there are growing signs of acceptance, including from such industry giants as MasterCard and JP Morgan. Elon Musk and Tesla made headlines a few weeks ago by investing $1.5 billion bitcoin.
Meanwhile, the infrastructure to handle cryptocurrency sales in Panama is improving at a rapid pace. Systems are in development to safely and legally record title transfers with payments made through crypto platforms. Local developers are also creating structures to provide a due diligence platform that allows buyers to use bitcoin and stable crypto coins after being properly vetted.
In many ways, it is clear that cryptocurrencies are maturing as a financial tool and they are going to be part of the Panama real estate market. We’ve been building our expertise in recent months and are standing by to help connect buyers and sellers.
For specific inquiries regarding properties open to accept cryptocurrency, contact us directly.