Cryptocurrencies are not a fad, and if you invest in crypto, you can realize your dream. Terrance Leonard, a Washington software engineer, is proof that cryptos can pay after purchasing a house using his crypto holdings.
Man buys dream home with cryptocurrencies.
In 2019 when Terrence started investing in crypto, he aimed to achieve financial independence. His long-term plan envisioned investing significantly in crypto to cash out some of the investment, buy real estate properties to rent out, and make extra income. This way, he didn’t have to work in a traditional job to sustain himself.
However, the ideal property came on the market, and he decided it was time to buy. Leonard said that he thought that was exactly what he wanted, and he was ready to pull the trigger. Owning the $650,000 home was a dream come true, and he used crypto to cover the down payment and as proof of mortgage money. He capitalized on the low-interest-rate environment to purchase the home instead of buying it outright.
Interestingly, the process wasn’t as easy as he had hoped, and there were challenges transferring cryptocurrencies to relevant parties. Leonard said that there was a back and forth between the title company and the lender to ensure everything was okay.
Leonard sold stocks to invest in crypto.
The software engineer went all-in into the crypto industry two years ago and realized the potential of cryptos. He said that when he realized the potential of cryptocurrencies, he sold all his stocks, his 401 (K), and ventured into digital currencies. Fortunately, his gamble paid off, and today, Leonard credits the ability to buy a home to his investing strategy in cryptocurrencies. He says that if he hadn’t invested in crypto, there is no way he would have managed to buy the home when it came to the market.
Leonard said that the crypto industry is similar to the dot.com era in the 1990s before a bust. Some of Leonard’s investments include Bitcoin and Ethereum.