United Wholesale Mortgage plans to accept crypto mortgage payments 

Recently, United Wholesale Mortgage (UMW) announced that it is planning to accept crypto payments before the end of the year. 

If this plan materializes, then UMW would be the first-ever U.S. mortgage lender to allow cryptocurrency payments. Even with the rapid rise of cryptos, these digital currencies remain far from mainstream use.  

But with more and more companies and industries discovering their potential, cryptos will certainly have a wider-than-expected adoption in the coming months. 

Crypto dominance

In a survey of 8,000 U.S. consumers (both current and former crypto holders), it showed that 93% of them are willing to use cryptos as a payment tool. 

While using cryptos for small and low-priced items is fast catching up, crypto use for big-ticket items like mortgage payments would certainly catapult these digital currencies into mainstream use.

“We’re going to walk before we run, but at the same time, we are definitely a leader in technology and innovation and we are always trying to be the best and the leader in everything we do,” Mat Ishiba, UWM Chief Executive Officer, said.

Ishiba is referring to the company’s innovative and bold decision to accept cryptos for mortgage payments, which would surely be a catalyst in the mortgage industry. 

Trust issues in cryptos

But if there are growing crypto enthusiasts all over the world, the numbers of crypto skeptics and critics are also not far behind. 

Prominent figures who express their skepticism over cryptos include Bill Gates, Warren Buffett, Noureil Roubini, Charlie Munger, Nassim Nicholas Taleb, and other big figures. 

Taleb, a mathematician, and author of “The Black Swan,” said that cryptos, especially Bitcoin are nothing but a “gimmick” and are too risky because of their volatility. 

“It’s a beautifully set up cryptographic system… but there’s absolutely no reason it should be linked to anything economic,” Ishiba said.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/united-wholesale-mortgage-plans-to-accept-crypto-mortgage-payments/