A MAN has bought a $1million mansion in Dubai using Bitcoin after making $100,000 a month from mining the cryptocurrency.
Vineet Budki got into crypto after after noticing a customer at his travel agency making crazy requests for limousines, helicopters and private jets.
Vineet Budki bought a $1m home in Dubai using cryptocurrency
Vineet cashed out his Bitcoin stash when its value reached $58,000 a coinCredit: Reuters
That customer ended up being Indian’s biggest crypto miner and it wasn’t long until Vineet had his own set up going.
After years of mining, Vineet turned his virtual currency into bricks and mortar in Dubai, where he’s been living for the past 18 years, buying a luxurious three-bedroom villa in a gated community.
Investing in cryptocurrency can be risky and there have been lots of warnings about investing in them.
Unlike traditional investments they are not regulated and that means if something goes wrong you have no way to make a complaint.
Also, taking money from the crypto market to buy the house can be difficult as most banks won’t take the virtual currency as payment for housing.
The risks of buying with cryptocurrencies
Investing and making a purchase in cryptocurrencies such as Bitcoin is risky .
Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.
Investing in cryptocurrencies is not a guaranteed way to make money.
You should also think carefully about making purchases with a cryptocurrency.
For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis.
The price of a Bitcoin was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later.
That’s a 15% drop.
These price swings are risky for a business as you could sell an item for a Bitcoin at one price and the value may drop soon after, leaving you with less money from a sale.
Similarly, the price of Bitcoin has soared by more than 21% since the start of this week so it can be hard for a shopper to get an accurate idea of the price of an item if its value changes on a daily basis.
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