Guy named Koch bought 5,000 bitcoins in 2009 for $27, now worth $886,000

Talk about a degree that gives you bang for your buck.

Bitcoin prices on the rise.


Gold.net

Kristoffer Koch was writing a thesis on encryption in 2009 when he spent about $27 to buy 5,000 bitcoins.

Life went on, and he forgot about his investment until bitcoin’s wild price swings earlier this year resulted in a slew of articles about bitcoin.

Bitcoin is a virtual currency that isn’t controlled by a central bank. Instead, bitcoins are created through a process called mining, in which a computer tries to solve a cryptographic problem. The total supply of bitcoins is capped, which has led to comparisons with assets like gold.

Koch’s original $27 investment is now worth about $886,000, Koch told the Norwegian broadcaster NRK. That’s a return of 3,281,500% in four years.

Koch has used one-fifth of his bitcoin stash to  buy an apartment in Oslo, Norway, the Guardian reports.

–Saumya Vaishampayan

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View more information: https://www.marketwatch.com/story/guy-named-koch-bought-5000-bitcoins-in-2009-for-27-now-worth-886000-1383067005

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