In a recent interview on Bloomberg Markets, Singh shared the story of a prospective home buyer who approached him to facilitate the deal using bitcoin as payment rather than traditional currency. Eventually, a final price of about $4 million worth of bitcoin was agreed on, at which time the exchange rate had it worth about $750 per bitcoin. But in the short time that passed before payment was to be made, the value of the buyer’s bitcoin had gone up to $1000, a 25 percent increase that essentially translated as a $1 million windfall for the buyer thanks to appreciation on the value of the house. Here’s Singh: The identity of the lucky Bitcoin user was kept a secret by Singh, but he did add a delightful tidbit about what the individual decided to do with his extra $1 million: It’s possible that reading a story like this will make you want to invest in Bitcoin, perhaps even buying a house with the cryptocurrency – in fact, that’s why Sonny Singh shared it in the first place. But keep this in mind: Volatility is a two-way street, and you could just as easily lose a fortune as gain one on the Bitcoin market.
