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

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.

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“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.”

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