Luton entrepreneur shares his successful Bitcoin experience
A 29-year-old entrepreneur from Luton who turned £1,000 into £2 million from his bedroom wants to help others do the same.
Pete Wood bought £1,000 worth of cryptocurrency after a colleague told him about it in 2014. He did some investigating and invested £1,000 from his savings to invest in Bitcoin, the most popular cryptocurrency.
Bitcoin is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network.
Peter said: “I did some research and decided to invest some savings, I watched the crypto market rise and fall and then when it rose again I sold it at a higher price.
“The best way to describe the way I made my money is much like a retailer will buy 50 Mars bars from a wholesaler for 20p and then selling them on for 60p, making a profit.
“Over time the profits kept on growing and I decided to quit my job and focus on crypto trading full time.
“Through investments in the market I have been able to buy a new car, three properties and I now run my own company.”
The former Lealands student also helps his mum use cryptocurrency to send money back to family in the Phillippines.
He said: “Traditionally she’d walk into town to go to the banks and pay a foreign exchange fee and wait three business days for the money to get there but by using Bitcoin, the money arrived there the same day at a fraction of the cost and she doesn’t even have to leave the house.”
Pete is now the chief executive officer of CoinBurp, his new brokerage platform designed to make trading simple and accessible to all.
He said: “The simplistic website means that with as little as £100 anyone can have a go at cryptocurrency trading and investing.
“I want to help others become successful, I go back to the school I left 13 years ago and talk to the pupils about my career and how I got to where I am.
“When I was at school I had no idea what I wanted to do but I want to tell these pupils that with the right drive and ambition they can achieve whatever they want.”