AUSTRALIA’S ‘BIG’ bettor is ready to cash out, as the price of bitcoin is climbing.
Siddharth Singh was one of the first people to take a risk in the space in the wake of the crypto-bubble in 2014, and in 2018 he became one of Australia’s biggest bettours.
His business partner, James Smith, said the bettor would be on the lookout for big winners as the market moves further into the second half of the year.
“He’s been one of our biggest fans, and we’re always talking about getting a slice of the action,” Mr Smith said.
“We’ve had some big bets over the years, but this year it’s been a lot bigger.”
So we’re going to get a lot more bets on this.
“Mr Singh’s prediction that Bitcoin’s price would hit $2,000 by November had been borne out, with the cryptocurrency surging past $1,000 for the first time ever.
In 2018, the number of bitcoin wallets and users doubled in the first three months of the new year, according to data from Coinmarketcap.com.
Mr Singh said it was clear that the market was now in a bubble, with bitcoin trading at around $600 in late December, when the bitcoin price hit its highest point ever.”
Bounty’ to win back controlMr Singh started his business after the closure of his old business, a mobile phone shop in the CBD, in the mid-2000s.”
We’re not just talking about a bunch of bitcoin users and miners, we’re talking about billions of dollars of money flowing into it every single day.”‘
Bounty’ to win back controlMr Singh started his business after the closure of his old business, a mobile phone shop in the CBD, in the mid-2000s.
He was initially looking for a way to keep his business afloat after losing a large amount of money in the downturn.
He said his first instinct was to start an online betting company, but then realised it would not be possible.
“It wasn’t a great idea,” he told ABC Radio Adelaide’s Today.
“I went into bitcoin, and it was a total surprise to me that the price was going up and down.”
The fact that people are making big money on it, it was just so bizarre.”‘
You don’t want to be the guy who’s betting against the market’Mr Singh had heard that the cryptocurrency was at a price where the risk of losing money was too great, and that he would lose a substantial amount of his own money if he were to bet against the price.”
There are a lot of people that are betting against it, and if you get too deep into it you could lose everything,” he added.”
When you’re betting against something like this, you’re not going to have much margin on your bets.
“Mr Smith said that was the reason the bettour business started, because he had already been through a similar experience.”
Sidd had lost quite a bit of money, and he had to start from scratch,” he explained.”
But we knew we were going to lose some money as well.
“One of the things that made us successful was our ability to see the markets in the early stages.”‘
People are betting big on the cryptocurrency’Sidd’s prediction proved to be accurate, as he won a series of major bets, including a $1.2 million bet against bitcoin price on Monday.
The Bitcoin price surged past $2.3 million on Tuesday, just days after the US Securities and Exchange Commission (SEC) approved a new cryptocurrency trading platform called AlphaBeta Omega, which aims to offer higher trading fees and a safer way to trade the digital currency.
Mr Smith believes that the surge in interest in bitcoin was also partly a result of the volatility of the cryptocurrency, with some investors betting big that the crypto could collapse in the coming months.
“A lot of them were betting that it was going to be over and they were going through a lot in the markets and were not getting their money back,” he revealed.
“People were betting big in the market and it wasn’t getting back.”
This has been the biggest market rally in history.
“The Bitcoin market is currently trading around $1bn, but Mr Singh said that if it stayed at its current level, the price could end up around $4 billion.”
That’s where we would be at the end of the month, and then the year is going to look a bit like the past year,” he predicted.”
Maybe $2 billion, $3 billion.
I think we’ll see a lot less than that, but I’m confident that the next 10 years will be very big.”‘
We have a lot to learn’The cryptocurrency’s current market cap is around $50bn, and Mr Singh has a long list of clients to thank for helping