[2017-10-28] Bitcoin Helped This Australian Pay off His House Mortgage

[ivanpoldark]

A businessman has paid off his house mortgage through his bitcoin investments and is now using his profits to fund the development of a new home.

Michael Sloggett, based in Townsville, a coastal city in northeastern Queensland, Australia, initially started trading in bitcoin five years ago in order to purchase overseas supplements for his store Second to None Nutrition. He did this to avoid the slow settlement times and the high fees between banks.

It wasn’t until the start of 2017 that he decided to begin investing in the currency. Such a move has proven to be quite profitable to him. At the time bitcoin was trading around AU$1,100 before eventually soaring to AU$7,700, reports the Townsville Bulletin.

He said:

   " We paid off the mortgage and bought a block of land at Townsville out of the profits. We are now building a new home."

In addition to running his nutrition business he also runs My Bitcoin Academy. This he launched five months ago to teach people how to invest in the cryptocurrency. So far he’s helped around 2,500 people. He also runs a Facebook site called Crypto Calls Australia.

As a result of his investment in the digital currency and the profits garnered from it, Sloggett now has five stores: two in Townsville, one in Mount Isa, one in Bundaberg and one in Sydney.

This news comes at a time when many critics are claiming that bitcoin is a bubble about be burst.

Jamie Dimon, JPMorgan Chase CEO, is notable for taking a shot at the currency when he called it ‘a fraud‘ last month. Whereas, Saudi Prince Alwaleed bin Talal believes that bitcoin is ‘going to implode‘ due to a lack of regulatory supervision.

Yet, while Sloggett states that people should conduct ‘due diligence’ first before giving their money away, he claims that he holds much of his wealth in the digital currency.

https://www.cryptocoinsnews.com/bitcoin-helped-australian-pay-off-house-mortgage/

[eckmar]

I don't understand why is something like this news. People are investing in BTC every day and buying stuff because of BTC profits every day. Why should mortgage be special ?

[darkangel11]

I don't understand why is something like this news. People are investing in BTC every day and buying stuff because of BTC profits every day. Why should mortgage be special ?

You're right' it's completely normal and I bet many people are now rich thanks to it. For instance the people who started their Bitcoin businesses 2-3 years ago. All those casinos, mixers, even signature posters who were doing it for over 2 years should be loaded right now.
There are only 2 striking things about this Australian dude. 1. He had to put loads of money into it if he got $5k per Bitcoin and managed to open new businesses, buy a piece of land, pay mortgage and start building a house with the profits he got. That had to be at least $100k that he put into it, which to an average guy like me is a huge investment. I wouldn't even be able to take a loan that big if I wanted to invest
2. he got in quite late, just a couple months ago. This shows that the train is still on the move, it's not too late to make money.

[richardsNY]

I don't understand why is something like this news.

I am more like -- I don't understand why someone would publicly share this with the entire world.... It's basically the same with how miraculously articles with people pop up stating that the coins they bought at a few cents a piece are now worth millions. If I was in such a position, I would never share these kind of things with anyone, let alone with whatever news site. If it's true I am happy for that person, but I highly doubt the legitimacy of these articles. At least it's something hinting at a positive (whether it's true or not) happening, and that's the good thing we get out of this -- it might be a motivational push for people in the end.

[eckmar]

I don't understand why is something like this news.

I am more like -- I don't understand why someone would publicly share this with the entire world.... It's basically the same with how miraculously articles with people pop up stating that the coins they bought at a few cents a piece are now worth millions. If I was in such a position, I would never share these kind of things with anyone, let alone with whatever news site. If it's true I am happy for that person, but I highly doubt the legitimacy of these articles. At least it's something hinting at a positive (whether it's true or not) happening, and that's the good thing we get out of this -- it might be a motivational push for people in the end.

Exactly. Problem with having large bitcoin purchases is tax. I would never share if I made a purchase with BTC because most likely I won't pay tax