Over the past year, cryptocurrencies like bitcoin have gained in value and some people have ‘cashed out’ their digital assets in order to purchase cars or a new home. However, some people who have sold cryptocurrencies in the past may have a hard time getting a home loan even though they have the funds to purchase the property. This week on the bitcoin Reddit forum r/btc, a person who attempted to get a mortgage from the U.S. based financial firm, PNC Bank, was denied because he sold cryptocurrencies in the past.
Also read: Dancing With the Devil: ‘Cashing Out’ Cryptos Into Fiat Not So Easy
Mortgage Division at PNC Bank Allegedly Denies Loan Because of Prior Bitcoin Sales
Back in December of 2017, the price of BTC was close to $20,000 USD per coin and there were definitely a lot of investors who ‘cashed out’ during that time, and the months that followed. Around that time news.Bitcoin.com reported on the major hype that was taking place with media reports of Lamborghini purchases, and lots of mansions bought with bitcoin. We also detailed that ‘cashing out’ cryptocurrencies into fiat is not so easy, especially when it comes to transfers over $10,000 USD. This week a bitcoin investor who sold some of his digital assets this past December reveals he was denied a mortgage loan from PNC Bank because the source of his funds may have been derived from cryptocurrency sales.
“I sold some coin in December, and I have jumped through tons of hoops, unrelated to bitcoin, while getting a traditional mortgage with PNC — They didn’t mention bitcoin as a concern at all during the entire process,” explains the Reddit user u/fojawi. “Finally, after I make all the concessions they want,
