Meet the software engineer who used crypto to buy his dream home

Meet the software engineer who used crypto to buy his dream home

When Terrance Leonard first started seriously investing in the cryptocurrency space in 2019, his original goal was to achieve financial independence.

The long-term plan was to invest enough in crypto that he could cash out of some of those investments, purchase real-estate assets and rent those out to earn additional income. That way he wouldn't necessarily need to a work a traditional job to make ends meet.

But then his ideal home came on the market. Leonard, who works as a software engineer in Washington, D.C., already owned a row-home. But he wanted a home with a larger yard for his dog to play in and a garage.

"I thought, 'This is exactly what I want,'“ Leonard said. "And I'm ready to pull the trigger right now.“

Leonard opted to use his cryptocurrency investments to cover a down payment and as proof of funds for the mortgage he took out to buy the home “” he opted for a mortgage, rather than buying the home outright, because of the low interest-rate environment.

The process, as he would find out, wasn't as simple as transferring his cryptocurrency holdings to the relevant parties. "There was back and forth between the lender and the title company making sure