As cryptocurrency gains more mainstream acceptance, it is also expanding into traditional financial vehicles. Well-known investor Brock Pierce recently proved this fact by taking out a mortgage backed entirely by cryptocurrency holdings. Although the situation arose organically, it remains the first such mortgage paid for entirely with cryptocurrency. Pierce used a service called Nexo to make the payment – using funds he had stored independently of the purchase. In effect, this further proves cryptocurrency’s viability as a currency. It did not require Pierce to jump through hoops to make the exchange but rather it was the most convenient option available to him.
Pierce is a long-time advocate for digital currencies. Although he originally made his fortune as a child actor – most famous for The Mighty Ducks – he expanded it exponentially through investment in cryptocurrency. Despite his success, Pierce remains a controversial figure. His alleged involvement with a child abuse scandal often results in discontent when he joins any project.
Although plagued by controversy, no one can deny Brock Pierce’s success in the cryptocurrency market. He co-founded Blockchain Capital in 2013 – quite early in Bitcoin terms. The firm invested in promising crypto-projects, helping to shape the current industry. The following year, Pierce became a board member of the Bitcoin Foundation. The foundation is one of the guiding forces in the core Bitcoin blockchain’s development.
Further, Pierce proved instrumental to the establishment of block.one and the associated EOS blockchain. The EOS initial coin offering would go down as one of the largest in cryptocurrency history. At $4 billion USD, the ICO drew the attention of both cryptocurrency fanatics and the mainstream media. This included late night host John Oliver, who famously called out the project for Pierce’s inclusion. As a result, Pierce left his position at EOS.
A Controversial Figure
Although John Oliver did not go into explicit detail, it’s clear that his mention had an impact. His suggestion that the curious “Google ‘Brock Pierce Scandal’” apparently caused many to do just that. Within a matter of days, Pierce was ousted from his position. Ultimately, this did not impact Pierce or EOS much at all – both remain successful. However, it did shine a spotlight on the more sordid aspects of Pierce’s life.
After his initial success as a child actor, Pierce became involved with entertainment group DEN. The group appears to have been linked to a child abuse ring – something that prompted Pierce to leave the company. Although he denies any wrongdoing, the scandal continues to be a major setback.
With Pierce aside, the latest move is yet another major milestone for cryptocurrency and usability. The news comes on the heels of the recent rebound in the cryptocurrency markets, which propelled Bitcoin (BTC) and major altcoins back into the spotlight. If the cryptocurrency movement can continue to focus on these milestones, and making necessary updates, Main Street America and the world will likely increasingly trust the new technology.
Article By: Adam Stone