Jamestown to Accept Crypto-Based Rent PaymentsMay 16, 2022
Jamestown – a global real estate investment and management firm – has partnered with leading digital currency payment enterprise Bit Pay to accept rent payments in bitcoin and assorted digital currencies.
Jamestown and Bit Pay Work Together in the Name of Crypto
At the time of writing, the plan extends only to properties based in the United States, though Jamestown is hoping to expand its crypto abilities to properties in Europe as well.
The move is pushing the goals of bitcoin and its digital counterparts closer to being achieved. What many people likely forget is that while bitcoin and many of its crypto cousins have taken on either speculative or even hedge-like statuses in recent years, many of them were initially designed to serve as payment tools. They were built to push checks, credit cards, and fiat currencies to the side, but this has been a relatively slow journey given the volatility that continues to drag them down.
It is extremely hard to understand when bitcoin and its crypto family will go up or down when it comes to their prices. Many stores and companies have been reluctant to say “yes” when it comes to accepting crypto payments for this reason, and to a degree, we can’t blame them.
Consider the following scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store doesn’t trade the BTC into fiat right away and about 24 hours go by. From there, the price of BTC goes down and that $50 becomes $40. The customer gets to keep everything he or she bought, but the store has lost money in the end. Is this a fair situation? Not everyone thinks so.
That’s what makes enterprises like Jamestown so important. They understand the initial purposes of bitcoin and digital currencies and are trying to transform them into usable tools that everyday people can benefit from.
Michael Phillips – president of Jamestown – explained in a recent interview:
Blockchain technology and the digital assets it enables, like cryptocurrencies and non-fungible tokens (NFTs), are key components to the evolution of real estate. Allowing cryptocurrency payments is part of our commitment to innovation and larger digital asset strategies to optimize and maximize our physical real estate through technology and virtual integrations.
So Many Assets to Choose From!
Stephen Pair – CEO of Bit Pay – also threw his two cents into the mix, commenting:
In today’s world, customers want to pay for day-to-day items like food and rent in bitcoin or Ethereum and working with Jamestown lets them not only live life on crypto, but live and work in transformed spaces and innovation hubs across major cities.
Bit Pay will allow Jamestown to accept rent payments in assets like bitcoin, bitcoin cash, Ethereum, wrapped bitcoin, Dogecoin, Litecoin, and various stable currencies.
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