Sam Karagiozis, Founder of Bitcoin ATM venture, Auscoin, claims 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.”
He added that, when the price of Bitcoin crashed last year, he lost close to $3 million. “Financially, this year I’m probably starting off about $5 million worse,” he said. “Cryptocurrency would have accounted for about $3 million of that loss and property the other $2 million.”
Also last year, a 60 Minutes report implied his startup was a “money grab” built on little more than “grandiose promises”. And there were major issues with the launch of its own cryptocurrency. The plan was to raise $30 million from an initial coin offering (ICO) of Auscoin. “We raised just shy of $2 million, so just over 5% of our initial goal – the roll-out didn’t work out as we hoped,” he admitted.