Home Latest News A Swedish Guy Bet His Life Savings on Bitcoin

A Swedish Guy Bet His Life Savings on Bitcoin


Swedish programmer Alexander Bottema utilized to be skeptical of bitcoin until he came to find it as an innovation with similar implications as the web – and went most in on it.
Bottema informed Business Insider Nordic so what happened after he went almost all in on bitcoin.

“I’m not a billionaire yet [in terms of Swedish crowns], ” Bottema stated, laughing on the phone. “But my capital has grown with a factor of more than one hundred since I sold all my shares and liquidated my cost savings in order to buy bitcoins in 2013. ”
At that time, 1 bitcoin was worth $30. Today the virtual foreign currency is valued at a lot more than $4, 000.
Bottema does not want to reveal just how much savings he had when this individual first invested, but it is clear he’s content with the investment: his holdings have got remained untouched since that day in early 2013.

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“I ponder over it a retirement insurance. I am not thinking about buying anymore, since I can never obtain the same return on investment once again, ” he said. “I could consider selling several of my assets should the cost hit $100, 000. inch
Alexander Bottema grew up in a community near Stockholm. Using the programming at nine years old, using the family’s Apple 2-computer.
But programming was not enough. He wanted to find out more about the theories behind processing.
In 1991, he started learning computer science at the famous Uppsala University, where he might later continue as a PhD faculty.
He moved to Stockholm when he started working on data security and encryption intended for consultancy Upec Industriteknik.
When the company was acquired, Bottema and his two colleagues began their own company.
“Frontec wasn’t interested in product development, which usually we were into at the time, therefore we decided to start Polytrust, ” he said. “We got financial support from two venture capital firms: Telia Business Innovation and THIS Provider. ”
After Stockholm and Polytrust, Alexander Bottema moved to the U. H. to work for Mathworks, where he is still employed.
The Massachusetts-based company provides data analysis and simulation intended for industrial purposes.
Seven years back, Bottema encountered bitcoin initially:
”I rejected it because something uninteresting. Seeing that I had formed a long track record in data security, I was certain that this wouldn’t be possible to develop safe servers that are open, and envisioned an accident. The following year, I was sitting down on the subway and browse in the Metro paper how bitcoin had retrieved after a crash. I could not understand how a currency that is built on trust can recover. That piqued my interest. ”
He downloaded the technical description as well as the program code for the currency, and used every his knowledge and experience in learning the material, which taken out his skepticism.
“It was revolutionizing, ” he stated. “They had solved the things i though was unsolvable. inch
Once he was persuaded of bitcoin’s excellence, using the calculating how much the foreign currency could one day be well worth.
Like many others, Bottema utilized the gold market because comparison:
“The allocated worth of the gold market, exactly where rich people put their particular money to avoid devaluations, is certainly roughly 8, 000 billion dollars dollars. If you divide this by 21 million, which usually is the number of bitcoins which will be available from the year 2140 onwards, you get 380 000 dollars per bitcoin. I ended up on beliefs ranging between 50, 500 and 100, 000 dollars per bitcoin. I panicked, and bet all of my savings. ”
At the outset, this individual worried most about a bar against the currency — but he doesn’t ponder over it a threat any longer. So far as a potential threat from contending cryptocurrencies, he likens this to the war between VHS and Betamax.
“Technically speaking, Betamax was better, yet VHS was bigger, inches he said. “So despite the fact that I theoretically could create an entirely new internet, it could be very hard to make it develop. ”
Bottema said this individual doesn’t get worried whenever the currency’s value plummets. “I know how the system works and I know what I’ve committed to. Sure, the currency scoops, but it has always retrieved after some time. Bitcoin’s future looks bright. “



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