While the billionaire co-founder of Atlassian, Scott Farquhar, was making headlines with the purchase of of Australia’s most expensive house – the $70 million Point Piper estate Elaine – his business partner, Mike Cannon-Brookes, found something to crow about in another tech punt that has apparently proved a winner.
One ounce of Bitcoin, the cryptocurrency, is now worth more than an ounce of gold, Cannon-Brookes tweeted on Monday.
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In a follow-up tweet, Cannon-Brookes confirmed he had taken a “bet” on bitcoin – rather than an investment – which has paid off handsomely.
Mike Cannon-Brookes confirmed he had taken a “bet” on bitcoin that has paid off handsomely. Photo: Louie Douvis
As Cannon-Brookes tweeted, his bitcoin bet is based on the theory “It will be worth a lot, or zero”.
Yup, my BTC bet is paying out well. Theory? “It will be worth a lot, or zero”. Much like a horse racing. Not like investing. https://t.co/VrGz6JzWoQ
— Mike Cannon-Brookes (@mcannonbrookes) April 30, 2017
“Much like a horse racing. Not like investing.”
$US10,000 of bitcoins acquired in July 2010 would now be worth $US146,428,889, according to the data that Cannon-Brookes later tweeted.
Growth of $10,000 since July 2010…
US Dollar Index: $10,662
US Bonds: $12,178
S&P 500: $25,660
Bitcoin: $146,428,889 pic.twitter.com/3NywJTFqKO
— Charlie Bilello (@charliebilello) April 28, 2017
Although the bitcoin bubble might prove to be a bit less resilient than the Aussie property bubble that Farquhar has bought in to.
The only remaining questions are just how many bitcoins did Cannon-Brookes acquire and when? He is understood to have a number of public bets in the crypto currency space via tech investor Blackbird Ventures and bank disrupter Tyro.
But $US10,000 of bitcoin in 2010 would have given him the funds to buy two Elaine estate’s in 2017 – which, by the way – was the stately home of former Fairfax Media proprietors, the Fairfax family.