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Australian Crypto King, who got the king title because of Bitcoin, will buy more BTC at a certain point.
An Australian businessman known as the “crypto king” has made the astounding claim to the Daily Telegraph that he would sell his beachfront home, valued at $7 million, to purchase Bitcoin if the price of the cryptocurrency drops below $12,000.
The co-founder of Finder made a peculiar pledge to put his huge residence, located in the beachfront community of Tamarama in Sydney, up for sale at some point in the near future. The price of bitcoin is currently hovering around $20,000, which is its lowest position since 2020.
The 39-year-old man, who famously began his career as a call center worker for Pizza Hut before co-founding comparison site Finder in 2006 and amassing a vast fortune of more than $210 million, stated that he would list his massive beachfront house and buy bitcoin once it slips below $12,000.
In addition to his Tamarama apartment, Mr. Schebesta recently purchased a $17 million home in Coogee, only a few blocks away, owing to the income he made from his Bitcoin investments. He committed to getting rid of the Tamarama flat, but Schebesta said that his Coogee clifftop property would not be on the market.
Cryptocurrency prices have decreased due to fear, which Schebesta believes is reaching its peak. Central banks raising interest rates, Russia’s war on Ukraine, Japan’s economic troubles, and a number of high-profile crypto failures all contributed to that worry.
According to experts, a big sell-off is expected if Bitcoin falls below $20,000, which would further lower prices because it will Trigger Threatening Margin Calls Worth Millions Of Dollars.
When bitcoin falls below this price barrier, all of its value over the previous five years, ever since the 2017 peak, will be gone. But according to Schebesta, bitcoin can only rise if it falls first.