Atlassian Co-Founder Latest Billionaire to Bet on Bitcoin

published on 02 May 2017
Last month, billionaire investor Mike Novogratz unveiled that he holds 10 percent of his portfolio in cryptocurrencies bitcoin and ether. Now, another billionaire has emerged as a bitcoin believer. We're talking about Mike Cannon-Brookes, the co-founder of collaboration software firm Atlassian. 

Cannon-Brookes, whose net worth stands at a whopping $2.4 billion, confirmed in a tweet last week that he has invested in bitcoin and it's "paying out well," and said that his theory is that the cryptocurrency will either end up being worth a lot, or zero. Cannon-Brookes likened his investment in bitcoin to horse racing, unlike Novogratz who said his bitcoin bet was the best investment in his life. It's unclear how large Cannon-Brookes bitcoin position is. 

There's the widespread misconception that wealthy people refuse to get involved with digital currencies, but the recent disclosures by Cannon-Brookes and Novogratz suggest the contrary and underscore the massive potential these virtual coins have and how a growing share of the global population believes that cryptocurrencies and the tech behind them, blockchain, could transform the financial system and more. 

At the moment, data show that the number of wealthy people betting on bitcoin is still low, with about 1 percent, or fewer than 150,000 Bitcoin wallet addresses, having at least 10 bitcoin each, some of which could belong to bitcoin exchanges or other businesses.