After buying Bitcoin for USD 100, that man could build his house last year. He believes that the future of the cryptocurrency will be bullish and that its current drop is a good time to accumulate.
Some of those buying Bitcoin (BTC) when it was worth little and held it all this time managed to become billionaires. John Ratcliff, who achieved that dream, recently explained how he did it. The game developer said that his knowledge of computer code led him to investigate the workings of Bitcoin in 2013.
Bitcoin technology amazed him, so he invested USD 15,000 when the cryptocurrency was barely worth USD 100. Instead of selling his holdings, he kept them for the long term because he was sure that their value would rise.
The price of the pioneering cryptocurrency has increased tremendously and is currently around USD 29,176. It is important to remember that it reached its all-time high of USD 67,800 six months ago.
Ratcliff confessed that he accumulated several million by holding (saving) Bitcoin until he became a billionaire. That allowed him to build his dream house, which he finished in November. Likewise, he could buy places for his nephews, pay off student loans for his children, and set aside money for charity.
His Bitcoin Savings Allowed Him to Build His Dream Mansion
In winter, mountains, lakes, and snow surround his mansion in a quiet Woodland Park neighborhood in the US state of Colorado. His residence measures 5,000 square feet, and he estimates that he built it entirely with Bitcoin.
Considering what he originally paid for Bitcoin, the house cost Ratcliff between USD 5,000 and USD 8,000. Although his wife dubbed the mansion Bitcoin Manor, he prefers to call it the Ratcliff Conference Center and Hotel.
The protagonist of this story knew that his initial investment would bring considerable benefits, except for one possibility. He never considered the risk of Bitcoin hacking or software malfunction. The only fear he felt was that the government would make it illegal at some point.
However, far from banning the use of cryptocurrencies, the US government seeks to regulate it. Colorado has already allowed paying taxes with crypto assets, as did Buenos Aires, showing that their adoption is growing.
It Is Still Possible to Become Rich with Bitcoin
Ratcliff believes that the price of BTC will continue to rise much higher and even compares the asset to Apple shares in 1982. He pointed out that whoever bought the latter that year and has kept them is now wealthy. For that reason, he believes that the key is to invest for the long term.
However, all investing involves risk, so investors should not spend more than they are willing to lose. Likewise, it is advisable to observe what is happening in the market as there are significant variations such as the one in recent months.
The billionaire said on Twitter that a friend of his had asked him whether it was an excellent time to buy more. He thinks this is a great point to accumulate rather than sell for fear of it dropping further.
Although Ratcliff believes that the price correction was incredibly bullish, he does not directly link it to Bitcoin. He said that he was impressed that the market absorbed the LUNA dumping. In addition, he considers it a sign of education that people realize that it is a buying opportunity.
By Alexander Salazar
