Australian Bitcoin ATM company earned $360,000 per week in 2018

20 Jan, 2019 | Updated: 21 Jan, 2019
by Joeri Cant
Australian Bitcoin ATM company earned $360,000 per week in 2018

Sam Karagiozis, a 27 year old, self-made millionaire told the that his crypto company, Auscoin, an Australian bitcoin ATM company, had a weekly turnover of $360,000 in 2018.

According to Karagiozis, Auscoin is currently operating 31 ATMs throughout Australia and is planning to expand towards a network of more than 1200 bitcoin ATMs.

Mr Karagiozis hoped to raise $30 million from the initial coin offering of Auscoin, however the company managed to raise only $2 million.

'We raised just shy of $2 million', he said.  'So just over 5% of our initial goal - the rollout didn't work out as we hoped,' he admitted.

Despite the underwhelming ICO, 2018 was far from being a bad financial year.

'Our turnover is $360,000 USD a week, which is just insane considering how much the price of Bitcoin has dropped. It just shows there really is a market for it and cryptocurrency is seen as a way of the future for many', he said.

Read more: AU startup to offer crypto powered credit card, accepted at 30,000 ATMs

In early 2018 Mr Karagiozis predicted the price of Bitcoin would reach $100,000 by year's end.

However, looking back the self-made millionaire admits not only did he jump the gun, but says the buzz around Bitcoin may have also seen it jumped too high, too quickly.

'I feel like Bitcoin may have risen a bit faster than it was meant to,' Mr Karagiozis said.

'But also last year we saw global share markets decline and even looking at property makerts in Australia, they dropped too.'

He believes that there is still ways to make a handsome profit from cryptocurrency. He thinks it will be more of a recovery phrase, sitting in between $5,000 and $8,000 for much of the year.

'For those who have sat back and watched it drop from $20,000 it's an awesome opportunity.'

'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.'

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