It is now possible to buy real estate in Argentina and Uruguay with Bitcoin through Mercado Libre, the leading Latin American online marketplace.
As per an announcement from the company, Mercado Libre has launched a dedicated crypto section within its platform, featuring offers for apartments, houses, and plots of land in the City of Buenos Aires, the Greater Buenos Aires area, Santa Fe and Córdoba.
Properties are priced in US dollars, but once a potential buyer indicates their interest, they can contact the real estate agency to agree on a conversion rate to make the transaction in Bitcoin (BTC).
Currently, the platform features 75 properties managed by seven real estate companies that have expressed their willingness to accept cryptocurrency as a payment method.
According to Manuel Carretero, commercial director for vehicles and real estate at Mercado Libre, “Bitcoin offers multiple advantages for real estate operations, both for the buyer and for the seller.” The company says it has always closely watched the market trends and expects that over time more real estate companies will join the initiative.
To mark the launch of its real estate crypto section, Mercado Libre hosted a webinar on cryptocurrencies and blockchain technologies, which was attended by around 300 real estate agencies and companies.
Leading the global crypto adoption
Latin America is considered among the global leaders in terms of cryptocurrency adoption, with banking difficulties and depreciating fiat currencies being one of the key factors behind the trend.
According to a recent survey conducted by Visa, Latin Americans increasingly see cryptocurrencies as a payments method–in fact, 25% of the respondents said they were eager to use digital assets.
Meanwhile, the range of products and services that can be purchased with Bitcoin globally is growing. In recent months it has expanded to include everything from Tesla to the most expensive property in London. However, with Bitcoin's price having increased by nearly 600% over the last year, it's open to question whether anyone's prepared to use their Bitcoin for transactions rather than as a store of wealth.