A highly successful young Australian entrepreneur has vowed to sell his Sydney apartment and invest millions in bitcoin as the cryptocurrency market crashes.
Australian billionaire Fred Schebesta has made a sensational pledge to sell his luxury Sydney apartment – and invest the proceeds in bitcoin.
The 39-year-old – who started out as a call center employee at Pizza Hut before co-founding comparison site Finder in 2006 and amassing a vast fortune of more than $210 million – said he would list his beachfront apartment. mar and would buy the cryptocurrency once. drops below $12,000.
Talking to The daily telegraph, Schebesta said that if that happened, he would be buying “a lot” of blockchain.
“I would sell a property to do that,” Schebesta said.
“If bitcoin cost $12,000, you would see a lot of buyers.
“All sellers will have been eliminated. There will be no one else to sell.”
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He clarified that he planned to sell his $7 million Tamarama unit to buy the cryptocurrency, but not the $17 million five-quarter “Crypto Castle” in Coogee that he bought in May last year with his crypto investment earnings.
In a viral video last year, TikTok star Fonzie Gomez took a tour of Schebesta’s 800-square-foot two-story mansion, with the rich lister claiming that “you’re in the cryptocurrency house. Crypto built this house.”
In addition to launching Finder, Schebesta has also been dubbed the “king of cryptocurrencies” after founding cryptocurrency exchange HiveEx.com.
In 2021, he landed a coveted spot in the The Australian Financial Review Young Rich List, reaching the age of 26 after his net worth increased to $214 million in 2020.
Schebesta’s pledge comes as bitcoin hit a low of $20,087 this week, with several experts warning that if BTC dips below the all-important $20,000 mark, it could spell disaster for the blockchain.
A trading professional has warned that if bitcoin drops below $20,000 and ethereum drops below $1,000, “massive selling pressure” will ensue, which will drive prices down even further.
Another pointed out that once bitcoin drops below that price, it would lose all the value it has gained in the past five years, since the 2017 high.
But Mr Schebesta told the Telegraph he believed that the only way for bitcoin to go up was up.
“You have more potential to go up than down from here,” he said.