Due to the parabolic rise of crypto prices followed by a prolonged ‘crypto winter,’ stories have emerged of crypto supporters who made and lost millions in the market.
One of such people is Sam Karagiozis, an Australian entrepreneur who’s crypto holdings have reportedly lost millions in valuation since the crash.
How Did It Start?
Sam was a cryptocurrency enthusiast who invested AUD $15 million through one of his companies, Auscoin to create a nationwide network of Bitcoin ATMs in Australia.
He was an early investor who bought digital currencies for cheap and watched the value of Bitcoin go to its all-time highs at AUD $27,000.
However, as early Bitcoin investors started cashing out, and the later investors began to panic, the problems started.
The value of one Bitcoin is AUD $4946 today. It’s this decline in price which has led to the serial entrepreneur’s Bitcoin position losing $3 million in valuation.
Talking to news.com.au, he said:
“I was an early investor — I’ve been investing in bitcoin for five years now, and the value of the bitcoin I’m holding, from its peak to this week, has dropped by about $3 million.”
He noted that he is holding the same amount of crypto he held 18 months ago.
Taking an Optimistic View
Despite the fall in his fortunes, Sam doesn’t look to be panicking himself.
He said that the loss is not ideal and it does bother him, but he believes in the long term and says he only invested money in crypto that he could afford to lose.
He also noted that “at the end of the day I’ve had a loss on profit, not a loss on investments.”
He also noted that Bitcoin has a history of resurrection after death, showing optimism that the coin will be back to its peak once again in the future.
He believes that the bullish reversal won’t happen in the next six months, noting that he believes it could go above AUD $8,000 this year.
His company Auscoin courted controversy when a 60 Minutes episode reported on it, calling it a “money grab.” Sam believes that calling it a scam without evidence is “detrimental.”