A wildly successful young Aussie entrepreneur has vowed to sell his Sydney pad and invest millions in bitcoin as the crypto market crashes.
Australian multi-millionaire Fred Schebesta has made a sensational promise to sell his luxury Sydney pad – and invest the proceeds in bitcoin.
The 39-year-old – who famously started out as a Pizza Hut call centre worker before co-founding comparison site Finder in 2006 and accruing a vast fortune of more than $210 million – said he would list his waterfront apartment and buy the cryptocurrency once it drops below $US12,000.
Speaking to The Daily Telegraph, Mr Schebesta said if that were to happen, he would be buying “a lot” of the blockchain.
“I’d sell a property to do it,” Mr Schebesta said.
“If bitcoin was $US12,000 you are going to see a lot of buyers.
“All the sellers will have been flushed out. There will be no-one left to sell.”
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He clarified that he planned to sell his $7 million Tamarama unit in order to buy the cryptocurrency, but not the $17 million, five bedroom “Crypto Castle” in Coogee he bought in May last year from his crypto investment profits.
In a viral clip last year, TikTok star Fonzie Gomez was given a tour of Mr Schebesta’s 800 square metre, two-level mansion, with the rich lister claiming “you’re in the house of crypto. Crypto built this house”.
In addition to launching Finder, Mr Schebesta has also been dubbed the “crypto king” after founding the cryptocurrency brokerage HiveEx.com.
In 2021 he landed a coveted spot on The Australian Financial Review’s Young Rich List, coming in at 26 after his net worth swelled to $214 million in 2020.
Mr Schebesta’s vow comes as bitcoin hit a low of $US20,087 this week, with several experts warning that if BTC dips below the all-important $20,000 mark, it could spell disaster for the blockchain.
One trading pro has warned that if bitcoin slips below $20,000 and ethereum below $1000, then “massive sell pressure” will ensue which will further drive down prices.
Another pointed out that once bitcoin drops below that price point, it would have lost all the value it had gained from the last five years, since its 2017 high.
But Mr Schebesta told the Telegraph he believed the only way for bitcoin to go was up.
“You have more potential to go up than down from here,” he said.
Originally published as Sydney crypto king Fred Schebesta’s sensational $7 million promise