Bitcoin bubble buys a house
It seems one man in Norway made a very early, modest investment in bitcoin and – just four years later – has seen a massive ROI. Enough to buy a house (a forgotten $886,000 windfall, to be precise).
Samuel Gibbs of The Guardian writes:
Kristoffer Koch invested 150 kroner ($26.60) in 5,000 bitcoins in 2009, after discovering them during the course of writing a thesis on encryption. He promptly forgot about them until widespread media coverage of the anonymous, decentralised, peer-to-peer digital currency in April 2013 jogged his memory.
Bitcoins are stored in encrypted wallets secured with a private key, something Koch had forgotten. After eventually working out what the password could be, Koch got a pleasant surprise.
You can’t make it up. Sure sign of a bubble, wouldn’t you say?