The Australian “Crypto King”, who received the title of “king” thanks to Bitcoin, announced that he will buy more BTC at a certain point. Here are the details…
Crypto King will sell his home for Bitcoin
An Australian businessman known as the “crypto king” has revealed to the Daily Telegraph that he will buy it if the price of the cryptocurrency drops below $12,000. He even claimed he would sell his $7 million beachfront home for the purchase. The Finder co-founder made the bizarre promise to put his massive residence in Sydney’s Tamarama waterfront area up for sale at some point in the near future. Bitcoin price is currently hovering around $20,000, its lowest position since 2020.
The “crypto king” started his career as a call center worker at Pizza Hut before founding the comparison site Finder in 2006. As a result, the 39-year-old man, who has amassed a huge fortune of more than $ 210 million, stated that he will put his huge house on the beach up for sale in order to buy BTC. But if BTC drops below $12,000. The famous person uses the following expressions:
If it drops to $12,000, I will buy a lot of Bitcoin. I would sell a property to buy.
Why did cryptocurrencies fall?
In addition to the Tamarama flat, Schebesta recently purchased a $17 million home just a few blocks away in Coogee, thanks to the proceeds from his Bitcoin investments. Tamarama has pledged to get rid of his flat, but Schebesta said his Coogee cliff property will not be on the market. Cryptocurrency prices have plummeted amid fears that Schebesta believes has peaked. Central banks raising interest rates, Russia’s war against Ukraine, Japan’s economic problems, and a series of high-profile crypto failures have all contributed to this concern.
According to experts, a big sell-off is expected if Bitcoin drops below $20,000. This could further drive prices down. Because the threat of millions of dollars will trigger margin calls. Once BTC falls below this price barrier, all of its value from the previous five years since the 2017 peak will be gone. But according to Schebesta, Bitcoin can only rise if it falls first.
As we reported on Kriptokoin.com, Bitcoin has lost about $10,000 in the last seven days. The start of this week brought more pain for the bulls as BTC stayed around $27,000 before starting its rapid decline. In just a few hours, Bitcoin found itself falling below $22,000 before dropping by a thousand dollars. However, the bears have proven their dominance in the market. It drove BTC down again. BTC, which has survived to fall below $ 20,000 in the last moments, is changing hands at $ 21,014 at the time of writing.
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