Home World Business Atlassian’s Mike Cannon-Brookes lays claim to a bitcoin windfall

Atlassian’s Mike Cannon-Brookes lays claim to a bitcoin windfall

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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. 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”.

“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.

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

Follow CBD on Twitter. Got a tip? ckruger@fairfaxmedia.com.au

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