Opendoor CEO hints at Bitcoin home purchases

Opendoor CEO hints at Bitcoin home purchases

Opendoor, a leading online platform for buying and selling homes, has hinted at a potential shift towards cryptocurrency payments. CEO Kaz Nejatian suggested that the company may allow users to buy and sell homes using Bitcoin, a development that could impact the company's shares and the broader real estate market.

Nejatian's comment on X, a social media platform for investors, came in response to a user's query about enabling home buying on Opendoor using Bitcoin or other cryptocurrencies. Nejatian confirmed the plan, stating, "We will. Just need to prioritize it." The company has not yet provided a timeline or specific details about the implementation .

The move follows a growing trend of companies adopting cryptocurrencies. After MicroStrategy's 2020 decision to hold Bitcoin as a treasury asset, several companies have embraced cryptocurrencies, buoyed by optimism around the Donald Trump administration's crypto-friendly stance . The price of Bitcoin has surged in recent weeks, reaching record highs and driving gains for companies with significant holdings.

Opendoor's shares have experienced significant growth, climbing over 1,300% since the start of July, with a peak of over $10.52 on September 11. The company's renewed "meme stock" wave has been fueled by intense retail interest and backing from certain investors. Nejatian, previously COO at Shopify, took over as CEO last month, and co-founders Keith Rabois and Eric Wu were appointed as board chair and director, respectively .

The potential integration of Bitcoin into Opendoor's services could expand its appeal among tech-savvy buyers and sellers. As an iBuyer, Opendoor could allow buyers to use Bitcoin for full or partial payments, while sellers could choose to receive payment in Bitcoin. The company might also consider allowing customers to pay closing costs, title fees, or commissions in Bitcoin .

Opendoor's move towards cryptocurrencies is part of a broader trend in the real estate industry. Companies like Christie's International Real Estate, La Rosa Holdings Corp., and Propy have already begun accepting Bitcoin for property sales and transactions. Cardone Capital, a real estate investment firm, has also added Bitcoin to its treasury .

The development signals a potential shift in the real estate market, as more companies explore the use of cryptocurrencies for transactions. However, the success of Opendoor's initiative will depend on factors such as user adoption, regulatory compliance, and the overall stability of the cryptocurrency market.