Despite the current booming crypto market, Barbara Corcoran wants Americans to choose real estate over cryptocurrencies.
Not only did Bitcoin just popped a record high price of more than $51,000 last month, but it also hit yet another record high on Tuesday, trading above $63,000.
Corcoran’s comments come when the total market cap of all crypto assets expanded by 600% to well over $2 trillion this year.
Real Estate Over Cryptocurrency
The Shark Tank investor who spoke at Union Square in New York made it clear that she only cares about properties and not about Bitcoin’s price. To her, all the crypto activities do not interest her one bit.
Corcoran emphasized the need for people to buy into real estate now, as this year holds much potential for the sector. According to her, the market could be different by the end of the year.
As for her, Corcoran said she is investing every spare dollar she has this year into real estate because she says it’s still very much a buyer’s market. She added that she prefers to get even richer the old-fashioned way.
Speaking further, the queen of New York real estate said the trick of investing in crypto is knowing when to get out. She thinks just as many people are losing money investing in cryptocurrency as those who are cashing in.
Corcoran once disclosed in an interview with Money that the reasons why she decided not to invest in crypto, saying she did not want to get involved in the risks.
“I lose my credit cards at least once a week. I lose my cell phone once a month,” said Corcoran. “I can’t even imagine being like that guy in England, what did he lose, $127 million because he lost his private key code?”
Real Estate Purchases And Cryptocurrencies
Recently, real estate agencies have pushed for house purchases to be paid in Bitcoin and other cryptocurrencies.
For instance, Billionaire real estate mogul Rick Caruso known for his lavish outdoor malls, revealed while talking with CNBC that his company, Caruso Properties, would soon accept Bitcoin for rent payment of its properties. He also made it known that the company has invested in the cryptocurrency for its treasury.
While Corcoran sees crypto as one she can not invest in due to the risks involved, she once said she believes that home sales in cryptocurrencies will be increasingly more common in the future.
She said cryptocurrencies are powerful because it is peer-to-peer, with no centralized body. According to her, the main idea is to eliminate the middle guy.