Swedish Guy Bets All on Bitcoin, Gets 100 Times Richer
Programming expert Alexander Bottema sold all his stocks and liquidated all his savings and bought bitcoins in exchange. The investment four years ago has made him 100 times richer.
Alexander Bottema has a long background in the field of programming. Having plunged into the field at age nine using an Apple 2-computer, he continued developing his programming knowledge and skill in his youth as he studied computer science at the Uppsala University. However, four years ago, he chose to take a leap of faith and cash in on all his savings to buy bitcoins. That decision made him more than 100 times richer.
When Bottema bought bitcoins with his life savings, the cryptocurrency was valued at $30 per coin. In the four years since that value has soared to $4,000. It might strike as an astute investment, but Bottema explains his reasons, saying it certainly wasn’t a leap of faith.
Alexander Bottema reveals that he first learned about Bitcoin seven years ago. At that time, he belonged to the group of people who were skeptical about it. He said he believed that the cryptocurrency would soon crash since the service required on the building of safe servers which are open. He was proven partially right a year later. He says he read in a newspaper that the cryptocurrency did crash, but soon recovered. It was at that moment that Bitcoin really caught Bottema’s eye.
Following this interesting turn of events, Bottema downloaded the program code and description for Bitcoin’s software and devoted himself to understanding it’s working. His technical expertise went a long way in helping him get this done. But he explains that the deeper he ventured into Bitcoin’s working, the lower his jaw dropped.
“It was revolutionizing. They had solved what I thought was unsolvable,” Bottema said in an interview with Business Insider Nordic. The first step the programmer from Sweden took after getting smitten by Bitcoin was to estimate its future value and return on investment. He used the gold market as a reference.
Bottema explains that the value of the gold market stands around $8,000 billion. If you divide that by 21 million, the number of bitcoins that will be available by the year 2140, then the value of each Bitcoin comes out to be $380,000. As he continued this estimation, he ended up valuing bitcoins at $50,000 and $100,000. He didn’t waste a moment and instantly bet all his savings on Bitcoin.
Four years down the line, he’s all smiling, and why wouldn’t he be? Although he has refused to divulge how much savings he had at the time of investing, the investment has made him 100 times richer. It takes considerable belief in the prospect as well as courage to take such a step, but not for someone with a background in programming.
Asked about what he thinks of the future of Bitcoin, Bottema said that the future is bright. While the cryptocurrency’s value has gone down on a few occasions, it has always picked itself up, and it will continue to do so in the future. The reasons for Bitcoin’s strength are a limited supply of the currency, micropayments, and the fact that Bitcoin was the first cryptocurrency to come to the scene. He explained that although newer cryptocurrency might try and even be successful in being better than Bitcoin, they won’t be able to grow as Bitcoin did. In such cases, the biggest service is the winner, and the first service is almost always the biggest.
If you have been mulling over investing in Bitcoin, check out our list of bitcoin exchanges.