Tags: 27 | bitcoin | investment | 886000 | buys | oslo | flat

Man's $27 Bitcoin Investment Becomes $886,000, Plenty for Flat in Oslo

Image: Man's $27 Bitcoin Investment Becomes $886,000, Plenty for Flat in Oslo A Bitcoin ATM sticker on the window of a coffee shop in Vancouver, Oct. 28, 2013.

Tuesday, 29 Oct 2013 07:54 PM

By Morgan Chilson

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
A Norwegian man forgot that he spent almost $27 on bitcoins until he read an article about the virtual currency’s soaring value and discovered his small investment was now worth $886,000.

Kristoffer Koch was a student in 2009 when he bought 5,000 bitcoins after reading about the new currency. In April, he decided to check out their value and it took him an entire day to figure out the password to his account. But once online, he found his Bitcoins enough money to withdraw just one-fifth of it to make a down payment and restore a flat in Oslo, The Guardian said. The capital city of Norway is considered one of the most expensive in the world.

Editor's Note: ObamaCare Is Here. Are You Prepared?

“Not in my wildest dreams could I have imagined that they would have soared like this,” Koch told Agence France-Presse.

The young man’s good fortune passed like wildfire through the Internet, many lamenting their failure to buy.

The Wall Street Journal’s MarketWatch figured out that Koch had a 3,281,500 percent return on his four-year investment.

Koch’s story is drawing interest to bitcoins at the same time the first bitcoin ATM is being put into a coffee shop in Vancouver, the Vancouver Sun reported. The machine is called “Robocoin.”

Editor's Note: Do You Support Obamacare? Vote in Urgent National Poll

Related stories:

Bitcoin Baby: Infant Born After Fertility Treatment Paid With Digital Money

Bitcoin Is Currency of Choice for Seller of New York City Condo

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Send me more news as it happens.
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Cambodia HIV Outbreak: 100-Plus People Diagnosed; Investigation Sought

Friday, 19 Dec 2014 18:50 PM

More than 100 HIV infections in a single Cambodian village have spurred the country's prime minister to ask for an inves . . .

Slender Man Case: Two Girls Competent to Stand Trial in Stabbing

Friday, 19 Dec 2014 18:26 PM

Two girls who allegedly stabbed a 12-year-old friend over the online game Slender Man are competent to stand trial for a . . .

Kate Upton Sexiest Woman Alive; Model Apologizes to Teen Brother

Friday, 19 Dec 2014 17:52 PM

Model Kate Upton was selected as People magazine's first Sexiest Woman Alive, a month after Chris Hemsworth received the . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved