Trader says Bitcoin behind his success

A TOWNSVILLE business owner has paid off his mortgage and is funding the development of a new home through profits generated through investing in cryptocurrency Bitcoin.

Michael Sloggett first began trading in the digital currency as a means to pay for overseas acquisitions of supplements for his Townsville supplements store Second to None Nutrition.

But in January this year he decided to make investments in the currency and the strategy has paid off with the value of the currency soaring from about $ US900 ($ 1100) to $ US6000 ($ 7700) during that time.

“We paid off the mortgage and bought a block of land at Townsville out of the profits. We are now building a new home,” Mr Sloggett said.

Mr Sloggett launched another business, My Bitcoin Academy, about five months ago to instruct people on how to invest in Bitcoin.

He has also started a popular Facebook site Crypto Calls Australia.

But it all began with his Kirwan supplements business and the need for international transactions to purchase sup- plements for the store. Mr Sloggett said he moved to Bitcoin about five years ago because of the expense of paying thousands of dollars in fees for exchange through the banks as well as the time taken to make settlements.

Earnings in Bitcoin and another cryptocurrency Neo had allowed him to invest in his supplements business and he now has five stores: two in Townsville, one in Mount Isa, one in Bundaberg and one in Sydney.

He said his My Bitcoin Academy had helped about 2500 people make similar investments.

“I teach people how to invest in Bitcoin,” he said.

While some financial analysts warn the value growth of Bitcoin is a bubble and will soon collapse and that it is a Ponzi scheme, Mr Sloggett said he continued to hold much of his wealth in the cryptocurrency.

He said investment giants JP Morgan continued to invest in Bitcoin.

He thinks everyone should invest in at least one Bitcoin but warned he had heard “horror stories” of people losing their superannuation by investing with scammers on the internet.

“Do your due diligence to make sure you are not giving your money away to random people on the internet,” Mr Sloggett said.

“Make sure you are buying from a reputable site.”