Bitcoin Consultant's $95M Win
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A story about how a consultant turned $1M into nearly $100M by going all-in on Bitcoin with leverage.
"I have this friend who had a normal high-paying consulting job. He lived frugally and saved $1M by his lower to mid-thirties. This was around 4 years ago when Bitcoin was priced around $2,500-$3,000, after crashing from $20,000.
He's an eccentric person - even though he has a normal job and seems normal, he loves gambling. He started doing crazy amounts of research and decided to go all-in on Bitcoin. He cashed out his 401k, borrowed money, and used Kraken to get 5-10x leverage. He invested everything until he had just $4,000 left of his million.
Recently when Bitcoin hit $60,000, his investment was worth about $95M. I went out to dinner with him when he was making this bet, and I told him he was crazy. I said 'This is a horrible idea, just invest in index funds.' But he was so enthused and thought I was the crazy one.
When I caught up with him recently through a mutual friend, I learned he had cashed out 10-20% but was still letting the rest ride. Surprisingly, his lifestyle hadn't changed much despite being worth nearly $100M."
Sam Parr
Host of MFM and fitness influencer
Sam Parr is a serial entrepreneur and business media pioneer.
In 2016, he founded The Hustle, a business news media company that started in his kitchen with just $12 and grew to eight figures in revenue.
Sam led the charge in making newsletters popular when few believed in their potential.
After four successful years, he sold The Hustle to HubSpot, a publicly traded company. Now operating as HubSpot Media, The Hustle reaches 3 million readers daily, employs a team of nearly 100, and has been the launchpad for dozens of its staff to found their own media companies and newsletters.
Sam remains the host of the popular business podcast, My First Million, and continues to start and sell companies. He also co-founded Hampton, a highly vetted community for entrepreneurs, founders, and CEOs, and teaches people to write better through his platform, Copy That.