The U.S. government considers incorporating Bitcoin into mortgage assessments, while the private market has taken the lead.

Recently, the Director of the Federal Housing Finance Agency (FHFA) in the United States stated that he has requested the two major mortgage giants to study the inclusion of cryptocurrencies such as Bitcoin in the mortgage assessment system. This news quickly triggered a market response, with Bitcoin prices rising by 2.2%, surpassing $107,000, and the market share increasing to 66%.

It is worth noting that the current FHFA director is a member of a well-known American homebuilder family, and he has publicly supported cryptocurrency since 2019, using his influence to promote the adoption of digital assets and the openness of related policies. According to financial disclosures, he personally holds a certain amount of Bitcoin and Solana, and has also invested in stocks of Bitcoin mining companies.

These two mortgage giants play a key role in the US mortgage market, supporting about 70% of the mortgage market. Any policy changes by the FHFA will have far-reaching effects on potential homebuyers and the entire financial industry. Although the scrutiny of crypto assets is still in its early stages, this move reflects a shift in the relevance of crypto assets and the attitude of regulators.

When evaluating crypto assets, multiple factors may be considered. Due to the high volatility of cryptocurrencies, lenders may adopt a "discount" method when assessing borrowers' assets, that is, deducting a portion from the declared value to account for potential price fluctuations. In addition, factors such as the holding history of the asset and the frequency of trading activities may also be considered. For stablecoins, a separate assessment may be conducted, but the handling will depend on the extent to which regulatory agencies accept their structure, custody arrangements, and transparency standards.

Private markets have taken the lead in this area. Some fintech companies have launched crypto mortgage products that allow borrowers to pledge digital assets as collateral to obtain high financing. However, these private products operate outside the federal mortgage system and cannot enjoy the same liquidity and risk-sharing advantages as traditional loans, resulting in generally higher interest rates.

Although it will take time for concrete implementation, the FHFA's consideration of incorporating cryptocurrency into mortgage assessments has sent a strong signal to the market: the mainstream financial system is opening its doors to crypto assets. This marks a transition of cryptocurrency from an investment commodity to a practical financial tool, which could have far-reaching implications for the real estate market and the financial industry in the future.