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A businessman has paid off his mortgage through his Bitcoin investments and is now using his profits to finance the development of a new home.
Michael Sloggett, based in Townsville, a coastal town in northeastern Queensland, Australia, began trading in bitcoin five years ago to buy supplements abroad for his second store. to None Nutrition. He did it to avoid slow settlement times and high fees between banks.
It was not until early 2017 that he decided to start investing in the currency. Such an approach proved to be very profitable for him. At the time, bitcoin was trading around $ 1,100 before rising to $ 7,700, reports the Townsville Bulletin.
He said:
We paid off the mortgage and bought a block of land in Townsville out of the profits. We are now building a new house.
In addition to running his nutrition business, he also runs My Bitcoin Academy. He launched five months ago to teach people how to invest in cryptocurrency. Until now, he has helped about 2,500 people. He also runs a Facebook site called Crypto Calls Australia.
Thanks to its investment in digital money and the profits it has made, Sloggett now has five stores: two in Townsville, one in Mount Isa, one in Bundaberg and one in Sydney.
This news comes at a time when many critics say that bitcoin is a bubble burst.
Jamie Dimon, CEO of JPMorgan Chase, is notable for attempting to pull the currency when he called it a "fraud" last month. Whereas, Saudi Prince Alwaleed bin Talal believes that bitcoin "will implode" due to a lack of regulatory oversight.
Yet while Sloggett claims that people should exercise "due diligence" before giving their money, he claims that he holds much of his wealth in digital currency.
Image from Shutterstock.