🏡 Binance Founder Champions Bitcoin as the New American Dream Amid U.S. Housing Shift
💬 Changpeng Zhao (CZ), co-founder of Binance, recently declared that 0.1 BTC could represent the future of wealth ownership in America. This statement comes in light of a recent directive from U.S. housing authorities that may allow bitcoin to be used as reserve capital in mortgage applications.
🗣 Zhao's comments were made on social media platform X in response to William J. Pulte, Director of the U.S. Federal Housing Finance Agency (FHFA). Pulte announced that Fannie Mae and Freddie Mac are preparing for the integration of cryptocurrencies into their operations. Zhao stated,
This is great to see, BTC count as assets for mortgage! The current American Dream is to own a home. The future American Dream will be to own 0.1 BTC, which will be more than the value of a house in the U.S.
📜 Traditionally, mortgage applicants have been required to show liquid reserves in fiat currency, such as funds in checking or savings accounts. However, the FHFA's new directive marks a significant shift by allowing cryptocurrencies to be considered as reserve assets if they meet certain criteria. These include being verifiable, stored on U.S.-regulated exchanges, and subject to risk-based discounts.
🏠 The agency believes that incorporating digital assets could improve borrower assessments and increase access to homeownership. While some critics point to the volatility of cryptocurrencies and their uncertain regulatory status, supporters view the FHFA's decision as a major step towards legitimizing digital assets within the financial system. They argue that with proper oversight and risk management, this change could set a precedent for other federal agencies to consider the role of cryptocurrencies in the U.S. economy.
