Man buys $27 of bitcoin, forgets about them, finds they’re now worth $886k

Stacy Summary: Holy moly. I bet there are quite a few people like this, so I’m sure we’ll see more stories emerge soon. But you have to admit that this is pretty *wow!*

Kristoffer Koch invested 150 kroner ($26.60) in 5,000 bitcoins in 2009, after discovering them during the course of writing a thesis on encryption. He promptly forgot about them until widespread media coverage of the anonymous, decentralised, peer-to-peer digital currency in April 2013 jogged his memory.

Laugh all you want. I just found 5000 bitcoin, bitchez!

Laugh all you want. I just found 5000 bitcoin, bitchez!

13 comments on “Man buys $27 of bitcoin, forgets about them, finds they’re now worth $886k
  1. Useless Eater says:

    That would be like finding an antique worth millions.

    A harmless observation? Or a cleverly disguised analogy?

    HA HA! No, I don’t think I am being an ass. Believe it or not, I am pro-Bitcoin, but I am also pro-life – and I bitch about mine all the time. What else would you expect from a Useless Eater?

    I am THE – Quintessential Useless Eater.

  2. William says:

    If he still has them, they are worth 1 million US dollars at $200 per coin

  3. Chris says:

    But which is “worth” more the $Doellars or the BTC?

    Unless Dollars make good toilet paper they’re not even worth that?

  4. Disgusted of Tunbridge Wells says:

    I doubt the Politico-Bankster Complex will allow Bitcoin to thrive, but the coming battle will be a wonderful test of resistance against these thieving perverts.

  5. Rob says:

    If Bitcoin is now the electronic equivalent of gold does that mean that litcoin is its silver equivalent and we should be looking at this also ?

  6. Graham says:

    Hey Max, have fun on HIGNFY. Have you seen this? I still have them all on VHS, recorded from the telly

    http://www.amazon.co.uk/Paul-Merton-The-Series-Video/dp/B00004CNNJ/ref=sr_1_2?ie=UTF8&qid=1383093553&sr=8-2&keywords=paul+merton+the+series

    Graham

  7. Blah Blah says:

    What’s the tax situation like if he comes to make one large cash-in or purchase? I know next to nothing regarding the trading of BTC so a run down of means by which he can liquidate and the taxation issues with each would be appreciated.

  8. Leilu says:

    Just another newly invented algorithmic measure of fiat? What’s new?

  9. @Blah Blah – as with forex trading or gold and silver, you’d have to pay capital gains taxes in your own currency in which you do so; so with this Norwegian guy, he sold 1,000 of the 5,000 bitcoins he had in order to pay the deposit on a flat in Oslo; he notes in this interview that he set aside 28% for taxes: http://www.bangkokpost.com/breakingnews/377051/norwegian-man-buys-flat-with-forgotten-24-bitcoin-investment

  10. Harry says:

    How likely are the projections of 10.000 euros and above for BTC?
    I know the network difficulty is making life tougher and tougher and mining hardware is getting more expensive.
    But how ‘soon’ could we see 10K euros per BTC?
    I five years?
    It’s only a factor of ~100 up in those five years versus four years and a bigger factor in the article…
    Same question for 100K.

  11. Bruce says:

    Taxes r for the poor, yo.
    You gets into BitCoins to avoid taxes, yo.

  12. Blah Blah says:

    Thanks for the reply, Stacy. I guess the most efficient method for redeeming what he has is to purchase assets, goods and services directly with them so as to avoid losing out to any form of CGT or VAT when converting to fiat and purchasing stuff for cash?

  13. Flopot says:

    That’s a good news story and the picture is hilarious! I might nick that for some caption fun for the next GoogleGabble or whatever the frick it’s called.

Access The Max Keiser Podcast
Weekly Downloads, live Q & A Session and exclusive video posts from Max and Stacy

Subscribe Learn More
Buy Gold Online
Watch the latest Keiser Reports:


Watch our Google Hangouts: