Swedish Computer Programmer Gets Rich in Bitcoin Investing
Since its inception, many people around the world have been betting on the cryptocurrency Bitcoin throughout its entire existence.
However, it is doubtful if anyone would have made as much of a fortune as one Alexander Bottema did.
This Swedish national, a computer professional himself, has now revealed that he virtually threw all of his life savings into investing in Bitcoins four years ago, in 2013.
He bought them at the then-ruling price of $30 per Bitcoin. Since then, Bottema’s investment in the cryptocurrency has grown multiple times.
Though the actual amount he invested in 2013 is not disclosed, the appreciation is estimated to be over 13,000 percent.
A Bitcoin is now quoted at around $4,000.
Who is Alexander Bottema?
Though belonging to Sweden, Bottema is currently a resident of the United States and works for a data analysis firm in Massachusetts.
He obtained his education in Sweden, specializing in computer science, and worked there for a couple of employers before venturing out on his own in the same field, in partnership with a friend.
It is only after this that he moved to the U.S. and took up his current employment.
Initial Reaction Was One of Disinterest
According to this fortunate Swede, he had taken a look at investing in Bitcoin for the first time in 2010.
However, like thousands of others at that juncture, he didn’t think much of the cryptocurrency.
Bottema claims that in a sudden development one day in 2013, he chanced upon some material that led him to believe Bitcoin was going to be the future, and that is when he took whatever he owned in the form of stocks or other liquid savings and made the entire investment on Bitcoins.
The Technical Analysis & Conclusion
What clicked for Bottema in 2013 was that he used a couple of matrix points to determine how much Bitcoin would appreciate.
One model, he used related to the value of gold. He did an analysis of the total value of gold available in the market and linked it to the projected availability of Bitcoins in the year 2140, the way the value of the U.S. Dollar is determined, and his calculations revealed that a Bitcoin could be worth as much as $380,000 by that year.
This is what pumped his adrenaline to the extent that he made the initial decision to invest.
According to him, if not such a high value, Bitcoin may indeed hit $100,000, after which he might possibly sell his cryptocurrency assets or at least a part of it.
Some Concerns, but Still Optimistic
Among the points raised by Bottema on how hopeful he felt about the safety and prospects of Bitcoin, he has indicated that he did feel concerned that the cryptocurrency could face a ban by the governments or central banks at some point.
He, however, feels now that such concerns no longer exist, believing the digital currency will keep growing in strength.
Some of the reasons he has adduced for this optimism about the cryptocurrency include its use evidencing growth, as even small value transactions are being settled through Bitcoin.
Another factor relates to the supply vs. demand equation, and since Bitcoins are in short supply, their value will continue to rise.
Bottema has also dispelled any worry that the other cryptocurrencies competing with Bitcoin may pose a threat to its growth and expansion.
He feels there is room for other choices, but having taken the lead and established itself as the most preferred among the different cryptocurrencies, it may not be feasible for the other digital currencies to catch up.
Will the story of Alexander Bottema encourage many other aspiring-millionaire investors to start putting their faith in the cryptocurrency in preference to the other investment options? It’s indeed possible this may happen.
At the same time, it can’t be denied that the general perception among the public at large is that Bitcoin and the other cryptocurrencies are used more within the dark web and for purposes not entirely legal.
Due to the nature of digital currency transactions being almost completely anonymous, the process helps people hide their unaccounted cash holdings from the authorities.
But it may still be a safe bet if the investments are genuine.