Bitcoin billionaire Brock Pierce took out a crypto-backed mortgage to buy a $1.2 million home in Amsterdam. But why didn’t he just sell some bitcoin and buy it?
Use Bitcoin as Collateral for a Mortgage
Cryptocurrency companies that allow you to earn interest on your bitcoins or get dollar loans are springing up like weeds.
But you naturally imagine their ideal target for loans as young crypto HODLers that need fiat for something pressing. Not ultra-wealthy Forbes top 20 richest cryptocurrency billionaires like Brock Pierce.
The Controversy That Follows Brock Pierce
To much of the American public, Brock Pierce will always be that child actor who starred in Disney’s The Mighty Ducks. Not many of them know how knee-deep Pierce is in the cryptocurrency industry, (and controversy as well).
An early adopter in the space, in 2013, Pierce co-founded VC firm Blockchain Capital (BCC) which had already raised some $85 million in two venture funds by Oct 2017. He was also a large investor in Etherum and supported the early days of…