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Author Topic: Software Engineer Buys 20,000 BTC in 2010, Quits Job to Travel Around Globe  (Read 2082 times)
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July 11, 2017, 02:24:48 PM
 #1

The recent meteoric rise of Bitcoin and other cryptocurrencies has led to the appearance of some unlikely millionaires.  A recent interview by Forbes magazine shows just how powerful Bitcoin has been over the course of the past decade for those who invested early.

The interviewee, a former software engineer in Silicon Valley, asked to remain nameless. However, he did explain that he started purchasing Bitcoin in 2010 after doing some research. He decided that the purchase should be sizable enough to provide some real upside, should Bitcoin ever increase in value, and so he bought $3,000 worth, or, at the time, 20,000.

When the Bitcoin price really started to jump, he made his first sale of 1,000 Bitcoin, netting him $2.6 mln. Since then, he’s quit his day job and now travels the world, flying first class and staying only in five-star resorts.

After explaining his multiple sell-offs, and the $25 mln in profits he’s realized thus far, he explained that he sees Bitcoin values at $150,000 in the long term. “I really do think it will get there,” he says confidently, "But a lot of governments and companies will have to be on board, first. No amount of speculation in the world will push it that high.”
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July 11, 2017, 02:27:29 PM
 #2

The recent meteoric rise of Bitcoin and other cryptocurrencies has led to the appearance of some unlikely millionaires.  A recent interview by Forbes magazine shows just how powerful Bitcoin has been over the course of the past decade for those who invested early.

The interviewee, a former software engineer in Silicon Valley, asked to remain nameless. However, he did explain that he started purchasing Bitcoin in 2010 after doing some research. He decided that the purchase should be sizable enough to provide some real upside, should Bitcoin ever increase in value, and so he bought $3,000 worth, or, at the time, 20,000.

When the Bitcoin price really started to jump, he made his first sale of 1,000 Bitcoin, netting him $2.6 mln. Since then, he’s quit his day job and now travels the world, flying first class and staying only in five-star resorts.

After explaining his multiple sell-offs, and the $25 mln in profits he’s realized thus far, he explained that he sees Bitcoin values at $150,000 in the long term. “I really do think it will get there,” he says confidently, "But a lot of governments and companies will have to be on board, first. No amount of speculation in the world will push it that high.”

We all dream with being that guy, but being at the right moment at the right time it's just too difficult. All we can do is work with what we have, and just knowing what bitcoin is in 2017 puts you ahead of 99% of the population. Owning some BTC already puts you ahead of pretty much everyone else outside this forum.

Just keep on stacking BTC and in the long term history will be on our side and we will be rich.
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July 11, 2017, 02:31:20 PM
 #3

Just keep on stacking BTC and in the long term history will be on our side and we will be rich.
Yes but sadly we will never be able to stack up to 20,000 even 20 BTC is a dream for me. But who knows maybe in a few decades 1 BTC will be worth as much as 20,000 BTC is worth today. 
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July 11, 2017, 03:31:22 PM
 #4

Just keep on stacking BTC and in the long term history will be on our side and we will be rich.
Yes but sadly we will never be able to stack up to 20,000 even 20 BTC is a dream for me. But who knows maybe in a few decades 1 BTC will be worth as much as 20,000 BTC is worth today. 

You are 100% correct. When I first started to seriously invest in bitcoins, the price was around $400 and most of my friends and even family said

that I was crazy to pay that much for a digital token. I ignored all their arguments and criticism and it paid off for me. I paid for a few holidays at

local holiday resorts with the profits I have made from those first coins and they are still sceptics. {Now saying $2500 is too much}  Roll Eyes They had

their opportunity at $400 and they did not have the balls or the vision to do it... I did.  Wink

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July 11, 2017, 03:34:31 PM
 #5

i would applaude him for still holding with the current value, he really think about the 150k value in the future, i think he is holding a little for when that will happen, still i didn't know that there were whales from the past, i though that everyone dumped already, and with people still holding 20k bitcoin from the 2010 era, no wonder why bitcoin is not increasing so much

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July 11, 2017, 03:50:32 PM
 #6

It is impressive to see how some folks believed in bitcoin's rise in value right from the onset. It is a calculated risk that has eventually paid off for him. The most important thing is for latecomers like us to try our best to get the little we can for now hoping for days like this to come.
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July 11, 2017, 04:22:52 PM
 #7

The recent meteoric rise of Bitcoin and other cryptocurrencies has led to the appearance of some unlikely millionaires.  A recent interview by Forbes magazine shows just how powerful Bitcoin has been over the course of the past decade for those who invested early.

The interviewee, a former software engineer in Silicon Valley, asked to remain nameless. However, he did explain that he started purchasing Bitcoin in 2010 after doing some research. He decided that the purchase should be sizable enough to provide some real upside, should Bitcoin ever increase in value, and so he bought $3,000 worth, or, at the time, 20,000.

When the Bitcoin price really started to jump, he made his first sale of 1,000 Bitcoin, netting him $2.6 mln. Since then, he’s quit his day job and now travels the world, flying first class and staying only in five-star resorts.

After explaining his multiple sell-offs, and the $25 mln in profits he’s realized thus far, he explained that he sees Bitcoin values at $150,000 in the long term. “I really do think it will get there,” he says confidently, "But a lot of governments and companies will have to be on board, first. No amount of speculation in the world will push it that high.”

In 2010 that was just enough Bitcoin for 4 pizzas

Okay. The old man told me to take any rug in the house.
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July 11, 2017, 04:24:16 PM
 #8

Reader exercise - who do you think is paying for his all expense paid travels around the world? If you're buying BTC, you are!
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July 11, 2017, 04:26:57 PM
 #9

Another fake story.

To buy Bitcoin in 2010 you must to be an oracle, a choosen one , a son of a God..There was no info available about BTC till 2013.

But nice try...I like this story about unnamed billionars and crypto early adopters.  Roll Eyes
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July 11, 2017, 05:15:21 PM
 #10

Another fake story.

To buy Bitcoin in 2010 you must to be an oracle, a choosen one , a son of a God..There was no info available about BTC till 2013.

But nice try...I like this story about unnamed billionars and crypto early adopters.  Roll Eyes

It's not a fake story at all, there are people on this forum who became millionaires through bitcoin e.g. reptilia, Elwar etc

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July 11, 2017, 06:17:31 PM
 #11

Another fake story.

To buy Bitcoin in 2010 you must to be an oracle, a choosen one , a son of a God..There was no info available about BTC till 2013.

But nice try...I like this story about unnamed billionars and crypto early adopters.  Roll Eyes

It could be but the point is that bitcoin can really make a lot of millionaires if you have invested in it from the beginning. There was once a drop out kid who investment in 2011 and now he is also a millionaire. Yes. maybe they are visionary of sort, but they make the right now and we should appreciate it. I know a lot of us are dreaming of something like that. Being early adopted of it and by now we should be millionaires.

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July 11, 2017, 06:25:00 PM
 #12

Just keep on stacking BTC and in the long term history will be on our side and we will be rich.
Yes but sadly we will never be able to stack up to 20,000 even 20 BTC is a dream for me. But who knows maybe in a few decades 1 BTC will be worth as much as 20,000 BTC is worth today. 

I love your optimism.

Let's do the math on that. 1 bitcoin is worth ~$2375 today. 20,000 Bitcoin is worth ~47.5 million. As much as the finite supply plays into the price growth opportunity (particularly when demand is very much still in the early stages), there's no way 1 bitcoin will be worth $47 million.

That's so far past the moon, it's just not going to happen. I don't believe there are enough people in the world to generate the demand required to send the price to that level.

I do love your optimism though.
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July 11, 2017, 07:19:35 PM
 #13

confidently, "But a lot of governments and companies will have to be on board, first. No amount of speculation in the world will push it that high.”


I don't believe this story.
Typical engineers live modest life.
No one stops the government from "be on board" as long as they "be on board" like everyone else. Bitcoin has been going up this while without government "be on board" the uptrend won't stop anytime soon.
If people like Bitcoin they will definitely invest in Bitcoin & price will keep going up.
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July 11, 2017, 07:22:22 PM
 #14

Just keep on stacking BTC and in the long term history will be on our side and we will be rich.
Yes but sadly we will never be able to stack up to 20,000 even 20 BTC is a dream for me. But who knows maybe in a few decades 1 BTC will be worth as much as 20,000 BTC is worth today.  

I love your optimism.

Let's do the math on that. 1 bitcoin is worth ~$2375 today. 20,000 Bitcoin is worth ~47.5 million. As much as the finite supply plays into the price growth opportunity (particularly when demand is very much still in the early stages), there's no way 1 bitcoin will be worth $47 million.

That's so far past the moon, it's just not going to happen. I don't believe there are enough people in the world to generate the demand required to send the price to that level.

I do love your optimism though.


Even in the longer-term nor do I see anything like $47 million.  A $20,000 price for BTC would be perfectly OK with me as long as I can HODL on to my "stack".

When looking at the longer-term though, it is worth keeping in mind that most technologies become obsolete as newer technologies come on-stream...  Such is my guess re BTC, something in the next (5? 10? 15? 30?) years will come along and turn BTC into buggy-whips.
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July 11, 2017, 07:31:56 PM
 #15

I don't really understand his argument that governments need to be on board so that the value can rise to 150K$. Governments aren't really interested in deflationary currencies. They want inflationary currencies, and they want to control that inflation. Bitcoin doesn't offer that.
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July 11, 2017, 07:32:52 PM
 #16

Living the dream!

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July 11, 2017, 07:39:30 PM
 #17

The recent meteoric rise of Bitcoin and other cryptocurrencies has led to the appearance of some unlikely millionaires.  A recent interview by Forbes magazine shows just how powerful Bitcoin has been over the course of the past decade for those who invested early.

The interviewee, a former software engineer in Silicon Valley, asked to remain nameless. However, he did explain that he started purchasing Bitcoin in 2010 after doing some research. He decided that the purchase should be sizable enough to provide some real upside, should Bitcoin ever increase in value, and so he bought $3,000 worth, or, at the time, 20,000.

When the Bitcoin price really started to jump, he made his first sale of 1,000 Bitcoin, netting him $2.6 mln. Since then, he’s quit his day job and now travels the world, flying first class and staying only in five-star resorts.

After explaining his multiple sell-offs, and the $25 mln in profits he’s realized thus far, he explained that he sees Bitcoin values at $150,000 in the long term. “I really do think it will get there,” he says confidently, "But a lot of governments and companies will have to be on board, first. No amount of speculation in the world will push it that high.”

Being a Software Engineer myself, I can say that trading in bitcoins can earn you more than a regular day job unless you're working in a big company or are at a higher position in European countries. Investing $3000 is still risky for a currency that was just a year old back then in 2010. Also, he must have had to pay a huge tax on that amount today which cannot be even sold on any exchange in big batches. Max exchanges allow 20-30 btc at a time and for bigger amounts, they require a lot of verification.

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July 11, 2017, 08:20:26 PM
 #18

Another fake story.

To buy Bitcoin in 2010 you must to be an oracle, a choosen one , a son of a God..There was no info available about BTC till 2013.

But nice try...I like this story about unnamed billionars and crypto early adopters.  Roll Eyes

It may be a fake story, but you are wrong about the rest.

Mt. Gox, along with several other trading sites, were started in 2010 and there were lots of people trading bitcoins at that time.

Silk Road was started in 2011, and there were lots of people using bitcoins at that time.


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July 11, 2017, 10:01:52 PM
 #19

Very smart in buying Bitcoin early, not that smart cashing some out and quitting the job so early Cheesy Just my opinion tho...
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July 11, 2017, 10:20:06 PM
 #20

Another fake story.

To buy Bitcoin in 2010 you must to be an oracle, a choosen one , a son of a God..There was no info available about BTC till 2013.

But nice try...I like this story about unnamed billionars and crypto early adopters.  Roll Eyes
Yet some people have bought it and others have mined it. What about all those people who were buying pixels on a random site for real money? Bitcoins at least had a purpose and it was possible to use them as a payment. Pixels didn't, it was just an experiment, and yet it worked. People sometimes buy useless things, this is a fact. Some of us get lucky with our purchases.

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