In an interview with Business Insider Nordic, Swedish computer engineer Alexander Bottema shared his Bitcoin success story. The Swedish man went from deep skepticism to putting his life savings on Bitcoin, and seeing his decision make him 100 times richer.
The interview started off with Alexander Bottema clarifying that he isn’t a billionaire yet, but that he is content with going all-in on Bitcoin four years ago, as the investment clearly paid off. Back in 2013, Bottema reportedly sold all his stocks and liquidated his savings to buy Bitcoin. At the time, one Bitcoin was worth about $30, while at press time it’s worth $4,341, according to data from CryptoCompare.
Bottema rejected Bitcoin when he encountered it
Bottema grew up in a small community near Stockholm. When he was only nine years old, the Swedish national started programming on his family’s Apple 2-computer. He was excited about the booming personal computer market and went on to later create a company with two colleagues after graduating. Later on, he moved to the U.S. to work for Mathworks, a Massachusetts-based company that provides data analysis for industrial purposes.
Seven years ago, he encountered Bitcoin and, per his own words, rejected it as “something uninteresting.” He stated:
“Seeing that I had a long track record in data security, I was certain that it wouldn’t be possible to build safe servers that are open, and envisioned a crash.”
One year later, he found out through a newspaper that Bitcoin recovered after a crash and that, as he didn’t understand it, piqued his interest. He then downloaded what is described as bitcoin’s “technical description” – presumably Satoshi Nakamoto’s white paper – as well as the cryptocurrency’s code.
The computer programmer went on to study the program as much as possible. His jaw dropped as his skepticism disappeared. Per his own words:
”It was revolutionizing. They had solved what I thought was unsolvable.”
Putting it all on Bitcoin
Bottema then decided to see how much one bitcoin could be worth in the future. He used the gold market as a comparison, as this is “where rich people put their money to avoid devaluations.” He stated:
”The allocated value of the gold market, where rich people put their money to avoid devaluations, is roughly 8,000 billion dollars. If you divide it by 21 million, which is the number of bitcoins that will be available from the year 2140 onwards, you get 380 000 dollars per bitcoin. I ended up on values ranging between 50,000 and 100,000 dollars per bitcoin. I panicked, and bet all of my savings.”
At the time, he was worried about a ban on Bitcoin but saw its growing market, micropayments, and its limited supply too appealing to resist. He put all he had on bitcoin in 2013 and hasn’t touched it since. So far, he saw his capital grow a hundredfold, and isn’t planning on selling anytime soon.
Notably, he stated that Bitcoin’s future looks bright and that he could consider selling some of his assets should the cryptocurrency’s price hit $100,000.