NewsCase StudiesEvents

Bitcoin Investment Pays Off

Also in the news...

Why an office environment needs branded clothing

Society’s approach to work attire has shifted in recent years, with casual dressing not only widely accepted but also expected. While this enables employees to express their individuality; opting for branded clothing benefits businesses, their office culture, and professional image.

UK and Switzerland's negotiations for an enhanced trade agreement

UK-Switzerland enhanced free trade agreement negotiations

Information on key security and political risks which UK businesses may face when operating in Hong Kong.

Guidance Overseas business risk for Hong Kong

Local sites and numbers of employees linked to businesses involved in international trade in goods, by subnational areas of the UK 2022

The release reports on the number of local sites and the number of employees within each ITL3 area linked to a business carrying out international trade in goods.

Foreign travel advice Sudan

FCDO advises against all travel to Sudan.

Bitcoin Investment Pays Off

Back to News

A Norwegian man has discovered a Bitcoin investment he made four years ago has earned him an impressive £551,000!

Kristoffer Koch bought £17 worth of the digital currency back in 2009 which he forgot about until April this year when he saw extensive coverage of the currency in the media.

Bitcoin is a digital currency which was introduced in 2008 and stored in encrypted wallets, secured with a private key. Koch had forgotten his password to access the wallet but when he remembered it, he was astonished to find the £17 investment had grown to a remarkable £551,000!

He exchanged 1,000 Bitcoins and had enough Norwegian Kroner to buy an apartment in Toyen, one of the wealthier areas of Norway.

Until recently, if you wanted to spend your Bitcoins you would need to send them to a specialist exchanger for traditional currency. However, on October 29th the world's first Bitcoin ATM became available to the public in Canada which scans a user's palm to enable them to buy or sell Bitcoins for cash.

If youre not sure about digital currency then stick to using our international payments service.

You are not logged in!

Please login or register to ask our experts a question.

Login now or register.