Cryptocurrency seems to be one of the biggest trends of 2021. Not only has it skyrocketed in price and flooded the news, but it has even become increasingly accepted by businesses as well as real people. For example, back in February Tesla announced in an SEC filing Monday that it has bought $1.5 billion worth of bitcoin and that the company also said it would start accepting bitcoin as a payment method for its products. But where can you spend crypto so far? And is it really a currency that can bring practical value for the normal person?
There are around 15,174 businesses worldwide and 2,300 businesses in the US that accept bitcoin. Although that isn’t many when looking at it in the broader sense, it is indeed a large improvement from just a decade ago where basically no one accepted crypto.
But how does cryptocurrency hold up when making larger purchases? Things like cars and homes are arguably some of the most important purchases one will ever make. And besides places like the Lamborghini Dealership in Newport Beach California, what large purchases can be made with Crypto? According to one investor’s newest purchase, a house may be on the table. Terrance Leonard is a software engineer who went all-in on crypto in 2019, he put a lot of money into crypto explaining. “When I realized the potential of crypto — and I realized how well it was doing for me in the beginning — I sold all of my stocks, my 401(k), everything and moved it all into crypto,”. Recently he just bought a new house in crypto currency and seems to be living his best life.
Do you think crypto will hold up in the long run as a proper currency? And would you ever purchase something with cryptocurrency?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.