Bitcoin Helped This Australian Pay off His House Mortgage

A businessman has paid off his house mortgage through his bitcoin investments and is now using his profits to fund the development of a new home.

Michael Sloggett, based in Townsville, a coastal city in northeastern Queensland, Australia, initially started trading in bitcoin five years ago in order to purchase overseas supplements for his store Second to None Nutrition. He did this to avoid the slow settlement times and the high fees between banks.

It wasn’t until the start of 2017 that he decided to begin investing in the currency. Such a move has proven to be quite profitable to him. At the time bitcoin was trading around AU$1,100 before eventually soaring to AU$7,700, reports the Townsville Bulletin.

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