Cryptocurrency Enthusiast Offers 10 Percent Discount on His House if Paid in Dogecoin

Each day there's new evidence to suggest that cryptocurrency is getting mainstream. The biggest advantage in the minds of cryptocurrency traders, it appears, is the capacity of these virtual coins to beat inflation, even in the long run. A US resident is now so bullish on the future of these coins that he is reportedly offering a 10 percent discount on the purchase of his house to anyone willing to pay him in Dogecoin, the cryptocurrency, which started as a meme but has become a serious contender for the top virtual currency.

Scott Paul, the founder-CEO of a tech company based in Utah, is said to have fixed the sale price of his New York home at $389,000 (Rs 2.88 crores). The "for sale" sign in the front yard shows seven cryptocurrency options for payment — but Paul really wants Dogecoin because of its promise to become a payment utility in the future, reported AZCoin News. Dogecoin price in India on August 3 was around Rs. 15.

If Paul gives a 10 percent discount for Dogecoin payment, the current value of the property will come down by around Rs. 28 lakh. The home was being rented out but when the tenants moved out, Paul said it was time to sell it.

“The decision was pretty obvious. I have a house I want to sell, why not push it to the limit to see if I can sell it for Doge, because we have to keep using this currency if we're going to get it to the mainstream," Paul was quoted in the report as saying.

Paul has invested in cryptocurrency and is comfortable with the swings in the speculative cryptocurrency market, believing things will be better as these are just early days.

However, the lack of a regulatory mechanism for cryptocurrencies creates a hurdle in making them mainstream. But Paul is optimistic about its future.