The man who bought gold bullion for $500 million in the first Bitcoin trading day in November is set for a major milestone on Sunday when he’ll be the first person to hold a position in bitcoin.
According to news website CoinDesk, Eric Geller, a software developer based in California, bought gold for $550 million in December.
Geller told CoinDesk he was “a big believer in the blockchain” and “a believer in Bitcoin.”
“I’m a believer in digital currencies,” Geller said.
“I bought gold, I think I bought it for $5 million.”
Geller, who is also a prominent bitcoin developer, told CoinBeat he “didn’t really think about it” at the time.
“I was just going to buy it and take it with me and it was like, ‘Oh shit,'” Geller explained.
Geller said he’s not sure how much he’ll get back for his investment, but it’s a “huge amount of money.”
Gellers initial investment in Bitcoin was $500k, and he invested in the digital currency through an investment company, called Bitcoin Investment Trust, before buying the precious metal in a “big, massive, massive dump” on December 7, he said.
Geller said he had no idea he was buying gold until he saw the news media report about it on Friday.
“It was a bit of a shock, and I’m glad it’s been out there,” Gellers said.
“For some reason, it just caught on.”
Bitcoin is a digital currency with a finite supply, and the number of bitcoins is limited to 21 million.
Geller invested $1 million in Bitcoin in the year 2020, which meant he had to wait until 2021 to purchase bitcoins for his initial investment.
Geler said it was the most “expensive, crazy” purchase he made.
“All the coins I bought have been worth around $10 million or something like that, and it’s really just a very crazy price, but I just can’t imagine spending that much money on gold,” he said, adding that he didn’t want to make it a habit.
Gelli said he bought a lot of bitcoin at the start of the year, but that the price was quickly climbing to around $50,000 per bitcoin.
“When you buy a lot, it’s like, it can’t go any lower,” he explained.
“When it’s at $10,000, I can buy a nice little house.”
The price of gold on Monday, November 21, 2020.
The price has been climbing ever since, Gelles bitcoin trading debut.
According the CoinDesk report, Geller has bought approximately $1.5 million worth of gold since then, and sold more than $1 billion worth of coins.
“That’s insane, man,” Gelli said of his purchase.
Gello is one of many Bitcoin enthusiasts who have purchased precious metals.
Bitcoin is a cryptocurrency that has no intrinsic value, and its value depends on how much users spend it.
Bitcoin trading is a relatively new technology, with its genesis being in 2012.
Since the start, the number one way to buy and sell bitcoins has been through exchanges such as MtGox, which allows users to buy or sell bitcoins, and Coinbase, which enables users to convert bitcoin to dollars.
Bitcoin is traded on a decentralized blockchain, with each Bitcoin transaction verified by the network of computers that run Bitcoin software.
Bitcoin trading is the basis for a wide range of digital currency products and services, including online banking, the creation of virtual currencies, and online games.
The value of gold has been a contentious topic of discussion over the past year.
Last year, former US Treasury Secretary Timothy Geithner called gold a “fundamental” asset and warned that the cryptocurrency would “devastate” the economy if it were not protected.
Gollers recent purchase of gold comes as the Bitcoin price continues to climb, hitting new record highs this week.
Bitcoin, a digital asset, has value for a number of reasons.
A lot of people are buying it to pay for goods and services and make money.
It’s an investment, which is a very big reason why it’s worth a lot.
It also has some utility.
It provides security for people to pay with bitcoin.
So it’s also used to store value, or as an investment vehicle, or a currency.