Auscoin boss Sam Karagiozis: ‘Bitcoin will bounce back’

An Australian entrepreneur who lost nearly AU$3 million in the Bitcoin crash says the cryptocurrency will reclaim its peak value – but not any time soon.

Sam Karagiozis, founder of Bitcoin ATM venture Auscoin, was hit hard when the price crashed last year.

But he says the value will rise slowly over the next few years, and he wouldn’t be surprised if it hit AU$8,000 this year.

He told News.com.au: “I’m not going to sit here and say it doesn’t bother me — but at the end of the day, I believe in the long term.”

“It’s definitely not the first time it had dropped — for instance, in the past it hit $1,200 and dropped to $100 a few years ago, which was a huge drop. It does have a history of dying and resurrecting again.”

“I’m definitely confident Bitcoin will get back to where it once peaked, and it will more than likely pass that again — however, I don’t think that will happen within a six-month period.”

Yesterday, he claimed that his company is currently turning over AU$500,000 a week.

“We currently have 31 Auscoin ATMs in Australia… and our turnover is just insane considering how much the price of Bitcoin has dropped,” he told Daily Mail Australia.

“It just shows there really is a market for it and cryptocurrency is seen as a way of the future for many.”