I'm new here. I've owned 1 rental property for 6 years now and my goal in life was to accumulate enough to become financially free. However, I also invested in bitcoin many years ago at $20, and Ethereum a couple years ago at $10 and believe in crypto currencies. I've done very very well. With housing prices high over the last couple years, I just couldn't justify buying places anymore because the reward was just so small. I've noticed zillow slashed prices across the board, at least in MI.
So I'm wondering. Do crypto currencies maybe have something to do with the recent housing decline? After all, I feel like a good majority of real estate investors are people who don't want to hold fiat, and they think most stocks are over valued. With crypto on the rise, I feel like it has people investing in that instead of more rentals and maybe even selling rentals to buy crypto.
Look, I have some crypto. I know people who are financially set for life because they bought Botcoin when it was selling for pennies. Crypto is so small a part of the financial world that it has zero effect on the current housing market. And where are you that you are seeing a decline in the housing market because it's BOOMING here.
I'll admit, I didn't do my research on the whole housing market. Won't be surprised to see crypto take a bit of a toll on the housing market though. I'm not the only person who's going to crypto instead of real estate. May be small now, but gaining massive traction. Ballpark $50 bil last month.
Risk reward in crypto just blows rentals out of the ballpark.
You're thinking about this in a kind of reverse way. Just hear me out.
Have you considered the possibility of the crypto market enhancing the housing market? Think about all these multimillionaires created over the last few years from buying into bitcoin when they were selling for fractions of a penny each. There's no doubt that some of them will inevitably delve into the world of real estate investing, and possibly lose their shirt because of a lack of knowledge and experience before getting into it.