Sam Karagiozis, founder of Auscoin, says that his company rakes in about $500,000 every week.
In his statement to a news outlet, Sam said:-
“We currently have 31 Auscoin ATMs in Australia… and our turnover is $500,000 a week, which is just insane considering how much the price of Bitcoin has dropped.”
He further added:-
“It just shows there really is a market for it and cryptocurrency is seen as a way of the future for many.”
Past Not A Precedent For The Future
Karagiozis’s Auscoin came out with an ICO of their own in early 2018. It failed to generate the initial $30 million that would have been used to set-up Bitcoin ATM operations across Australia and in Asia, to some extent.
The failure has not dimmed the expectations of his company, who are reaching to potential customers in selected locations across Australia, willing to trade with Auscoin as their primary payment method.
Loss Amid Bitcoin Plunge
On the personal front, the company’s great times have not extended to the year beginning’s of the Auscoin CEO.
Karagiozis, a Bitcoin investor, has sustained heavy financial losses after Bitcoin’s prices plunged after the 2017 high. Its steady decline from AUD$25,000 to it’s current price of around AUD$5000 is said to have burnt a massive hole in his pocket.
According to Sam, his cryptocuurency investments are trading down around AUD$3 million in addition to the AUD$2 million he has reportedly lost in property.
Most notably, Karagiozis had predicted in early 2018 that Bitcoin’s price would touch a quite extraordinary figure of $100,000 by the year end.
He is also known to have sold Bitcoins to Australian tennis sensation Nick Kyrgios and his brother Christos.
Karagiozis, remains bullish about Bitcoin’s chances to recover and scale its previous highs.
“It may have lost some of its buzz but I’m bullish long term in Bitcoin, I still believe in it like I did last year – I just don’t think there will be many more overnight millionaires.”