Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.
Back in May, CCN covered the story of a redditor that went by “gingerbreadfutters.” The redditor published a thread in which he claimed to have been watching bitcoin price trends for a while and, being a risk taker, decided to put it all-in on bitcoin. According to him, he took an equity loan on his house for $325,239, which allowed him to purchase 191.118 bitcoin.
At the time, the redditor stated he had a terminal disease, and added that if bitcoin were to reach the $10,000 mark he would move to the West Coast to “get away from all the angry people” that live where he resided.
Various redditors criticized the move, while others wished him luck. When the redditor bought his bitcoins, one coin was worth $1,700 as the cryptocurrency had just hit a new all-time high. Now, as bitcoin soars past $5,700 we decided to take a look at the numbers and see how much gingerbreadfutters has, assuming he didn’t sell any of his coins, and that nothing happened in the meantime.
At press time, one bitcoin is worth $5,736 according to data from CoinMarketCap, which means he now has about $1,096,258.58 worth of bitcoin. The cryptocurrency’s value has been surging, partly thanks to its growing acceptance, partly due to rising global demand, and partly due to SegWit2x hard fork in November.
The Chicago Board of Exchange (CBOE), one of the largest exchange groups in the world, announced a partnership with Gemini, the cryptocurrency exchange owned by the Winklevoss twins. The partnership allows CBOE to use Gemini trading data to power bitcoin derivatives and indices, but still needs to be approved by the Commodity Futures Trading Commission (CFTC).
Bitcoin’s market cap recently went over the $93.8 billion mark, and the cryptocurrency ecosystem’s market cap is now at $174 billion. Billionaire Wall Street mogul Mike Novogratz recently stated that he believes one bitcoin might soon be worth $10,000. If so, gingerbreadfutters will nearly have $2 million worth of the cryptocurrency– more than enough to move to the West Coast.
Bitcoin’s new all-time high was, as expected, met with a lot of criticism from those who believe they’re warning others of impending doom, such as financial analyst Gary Shilling, who called bitcoin a “black box.”
As covered by CCN, as mainstream acceptance of bitcoin grows, and as public figures keep pointing their fingers at it, the price increase should continue, as it is, after all, enjoying free publicity. As bitcoin closes in on the $6,000 mark, its becoming bigger than investment banking giant Goldman Sachs.
Similar bitcoin investments have been done in the past, as previously stated by redditor jhansen858:
“Some guy did that like 2 or 3 years ago when it was at like 500 and people told him he was an idiot. You will be fine as long as you don’t lose your nerve”
Gingerbreadfutters’ account has been deleted, presumably due to unwanted attention, as once someone who has a lot of money puts that information out there, bad actors might try to get a piece. If he did hold on to his coins, his bold investment has certainly paid off.
Featured image from Shutterstock.