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Bitcoin investor who forgot he bought £17 of the currency checks four years later to find it is worth £551,000

Posted By admin On October 30, 2013 @ 6:21 am In World News | Comments Disabled

EMMA THOMAS
UK Daily Mail [1]
October 30, 2013

A bitcoin investor who forgot he bought £17 of currency four years ago is sitting on a small fortune now worth more than half a million pounds. 

The meteoric rise in the internet-based money has meant that within the space of four years, Norwegian Kristoffer Koch has made a huge profit, the Guardian [2] reports. 

He invested 150 kroner (£17) in 5,000 bitcoins in 2009, after discovering them while writing a thesis on encryption.

He forgot about them until he started seeing media coverage of the digital currency in April this year.

Bitcoins are stored in encrypted wallets secured with a private key. Mr Koch had forgotten his password but when he eventually remembered it he was stunned by how much they had jumped in value.  

‘It said I had 5,000 bitcoins in there. Measuring that in today’s rates it’s about NOK5m (£551,000),’ Mr Koch said.

Full article here [1]


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URLs in this post:

[1] UK Daily Mail: http://www.dailymail.co.uk/news/article-2479011/Bitcoin-investor-forgot-bought-17-currency-checks-years-later-worth-551-000.html

[2] Guardian: http://www.theguardian.com/technology/2013/oct/29/bitcoin-forgotten-currency-norway-oslo-home

[3] Senators seek crackdown on “Bitcoin” currency: http://www.prisonplanet.com/senators-seek-crackdown-on-bitcoin-currency.html

[4] Alternative Currency Goes Mainstream As Bitcoin ATMs Emerge: http://www.prisonplanet.com/alternative-currency-goes-mainstream-as-bitcoin-atms-emerge.html

[5] Top bitcoin exchange freezes, arbitrarily shuts down, proving you will not be able to get out of bitcoin when you want to: http://www.prisonplanet.com/top-bitcoin-exchange-freezes-arbitrarily-shuts-down-proving-you-will-not-be-able-to-get-out-of-bitcoin-when-you-want-to.html

[6] The bitcoin bubble: Why speculative bitcoin buy-ins now point to a disastrous bitcoin crash: http://www.prisonplanet.com/the-bitcoin-bubble-why-speculative-bitcoin-buy-ins-now-point-to-a-disastrous-bitcoin-crash.html

[7] Court officially declares Bitcoin a real currency: http://www.prisonplanet.com/court-officially-declares-bitcoin-a-real-currency.html

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