12% of First-Time Homebuyers Say Selling Crypto Helped Save for Down Payment

[wxa7115]

I would say it is not really that shocking, people did made some great profits this year so the increase in 2021 definitely makes sense because of all that extra income. Plus, the real estate investment is the most logical investment in the entire world if you do not own a house. Think about it, which one would you rather, keep paying rent, or no rent? It is not risky neither, you buy a house, you go in, and you start living there, end of story.

If you are investing into a house for price then you may have a problem but this isn't even like that, this is about how you just live in there so the value doesn't even matter. So, I would say that it is definitely a good investment and all these extra crypto profits in 2021 found a great home to go to.

To this I will add that real estate is a store of value as well as it has the tendency to follow inflation, meaning that if you have the cash to  buy a house where you can live now then it is a good idea to do buy it already, otherwise the price of real estate will keep growing and it will be more difficult for you to fulfill your dream of having your own home.

Also as you say we need to consider that not everything is about money, buying your own house is probably one of the biggest milestones in the life of a person, it says ‘I made it’ and it incredibly comforting to have a place to call your own, to the point that no amount of money can compare to that sensation.

[adaseb]

I remember reading back in November how people were doing the complete opposite. They were getting a home equity line of credit to buy crypto and stocks with their homes equity. They got scared of what is happening with inflation and they borrowed money against their home to buy stocks and crypto and doesn't look like it was a smart move.

So seeing people do the opposite is pretty good. Since crypto is actually helping people get their first home. Its served its purpose of being a valueable investment that paid off. Buying a home is responsible unlike buying stuff like cars or watches which is what most of the young investors are blowing their money on these days.

[magneto]

Granted that figure is probably overestimating crypto adoption figures given that there is a significant bias towards young people who are rich, but crypto is really going to mainstream now.

And the fact that you are able to save for your first deposit without having to worry about depreciation of your fiat is definitely much more empowering than any government first home buyer schemes.

Well done to these people.

[palle11]

Its difficult to measure the impact that cryptocurrencies have about society as a whole. Its been generalized as being a creator of jobs and wealth. I have gone so far as to claim that it elevates our standard of living.

If nothing else, I hope we can all agree that crypto provides us with more opportunities and options than we would have without it. And that's always a good thing, am I right.

I think the success stories of cryptocurrency is going to come more by the end of this year because the population is increasing and more benefits are on line if we do the proper investment and not go buy coins that are already dying.  There are different benefit apart from investment in cryptocurrency, we can save funds with it, we can stake some coins, it makes payment easier and transactions in cryptocurrency doesn't expose anyone to security threats, the anonymity is locked for everyone. There is in fact good life with cryptocurrency.

[Fortify]

....

Title was too long to fit, it should read:

12% of First-Time Homebuyers Say Selling Crypto Helped Save for Down Payment, Up From 5% in 2019

One great thing about this is, it shows how cryptocurrencies carry a potential for economic benefit. In terms of it making it easier for people to afford houses and real estate.

Its difficult to measure the impact that cryptocurrencies have about society as a whole. Its been generalized as being a creator of jobs and wealth. I have gone so far as to claim that it elevates our standard of living.

If nothing else, I hope we can all agree that crypto provides us with more opportunities and options than we would have without it. And that's always a good thing, am I right.

It's definitely interesting to see how Bitcoin has made a select group of people richer, although I doubt much verification went on beyond them answering the survey and claiming this latest buzzword trend was a great help to them. What should be considered and is easy to miss is the fact this only captures people with a lot of money already, as in - a large portion probably came from middle or high wealth families which gave them enough freedom to be able to buy into these cryptocurrencies. When you have less cash, find it very hard to save on a low salary and probably have little help from family to buy much else, then putting money into a highly speculative asset like crypto comes with huge risks to your future.

[SquallLeonhart]

I remember reading back in November how people were doing the complete opposite. They were getting a home equity line of credit to buy crypto and stocks with their homes equity. They got scared of what is happening with inflation and they borrowed money against their home to buy stocks and crypto and doesn't look like it was a smart move.

So seeing people do the opposite is pretty good. Since crypto is actually helping people get their first home. Its served its purpose of being a valueable investment that paid off. Buying a home is responsible unlike buying stuff like cars or watches which is what most of the young investors are blowing their money on these days.

It was NEVER a good move, even while they were doing it. If you have an asset, you do not use that to buy stocks or crypto, you use that to buy another asset if you could. Save up enough money, and get a line of credit or loan to finish up the last parts of it. I know that it is not really a method of getting rich quick, I know that people like to get a loan for 100k on their house, and then use it to buy crypto that goes 10x and they end up with a million dollars and a small debt.

Most people likes that, it is just a weird approach and I have even seen people do leverage trading on it. Doesn't make sense, you should buy assets with assets, not currency. The money you put into crypto should come from saving money aside, the money that you do not need, that way you would know that if something bad happens it is there, but if nothing happens then it could stay there as long as possible.

[wxa7115]

I remember reading back in November how people were doing the complete opposite. They were getting a home equity line of credit to buy crypto and stocks with their homes equity. They got scared of what is happening with inflation and they borrowed money against their home to buy stocks and crypto and doesn't look like it was a smart move.

So seeing people do the opposite is pretty good. Since crypto is actually helping people get their first home. Its served its purpose of being a valueable investment that paid off. Buying a home is responsible unlike buying stuff like cars or watches which is what most of the young investors are blowing their money on these days.

It was NEVER a good move, even while they were doing it. If you have an asset, you do not use that to buy stocks or crypto, you use that to buy another asset if you could. Save up enough money, and get a line of credit or loan to finish up the last parts of it. I know that it is not really a method of getting rich quick, I know that people like to get a loan for 100k on their house, and then use it to buy crypto that goes 10x and they end up with a million dollars and a small debt.

Most people likes that, it is just a weird approach and I have even seen people do leverage trading on it. Doesn't make sense, you should buy assets with assets, not currency. The money you put into crypto should come from saving money aside, the money that you do not need, that way you would know that if something bad happens it is there, but if nothing happens then it could stay there as long as possible.

Most people are simply not equipped to deal with risk reward ratios, taking risks in live is inevitable, even going out of your home has risks, and obviously staying inside has them too, however we take those risks as the benefits we can get are way bigger than the risks we are incurring.

However many people cannot adequately measure those risks and take decisions that are incredibly risky, mortgaging your home, the place where you live is simply a bad idea, even if it works out I cannot accept it as a good decision, because if you happen to lose, and we know the majority of traders and investors lose their money, then not only you will lose that money, you will lose your home and you will have to pay interest on the loan as well, that is a mistake that could take decades to recover from, if people ever recover from it.