Man living luxury life after telling people to buy 71p of Bitcoin 8 years ago

A savvy investor who begged people to buy Bitcoin eight years ago is now living the highlife.

Davinci Jeremie advised his online followers to spend just $1 (£0.71) on the cryptocurrency back in 2013.

Had they done so they would have seen their money shoot up more than 59,000 per cent.

In a Youtube video Davinci suggested gambling on cryptocurrencies would be more successful than gambling on the lottery.

He said: “Look, for the price of (a) lotto ticket you can hold Bitcoin (BTC) for 10 years and become a millionaire.

“It’s time you stop living in fear. If it goes to zero you lose $1, who cares!

“But if I’m right I want all of you to thank me, it will not make me happy if you come back to me in 10 years saying ‘dude, I wish I listened to you back 2011 or 2013’.”

The Chilean national leads a life that is the physical incarnation of the words “I told you so”.

His own Instagram account shows self-styled Crypto expert enjoying the high life with trips to Monte Carlo via private jet and sailing trips on luxury yachts.

While many people are now enjoying a life of luxury after winning big on the Bitcoin, it is not without a cost.

Unlike mainstream traditional currencies, bitcoin is virtual and not made from paper or plastic, or even metal.

Bitcoin is virtual but power-hungry as it is created using high-powered computers around the globe.

At current rates, such bitcoin “mining” devours about the same amount of energy annually as the Netherlands did in 2019, data from the University of Cambridge and the International Energy Agency shows.

Some bitcoin proponents note that the existing financial system with its millions of employees and computers in air-conditioned offices uses large amounts of energy too.

Greater demand, and higher prices, lead to more miners competing to solve puzzles in the fastest time to win coin, using increasingly powerful computers that need more energy.

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Bitcoin is created when high-powered computers compete against other machines to solve complex mathematical puzzles, an energy-intensive process that often relies on fossil fuels, particularly coal, the dirtiest of them all.

Bitcoin production is estimated to generate between 22 and 22.9 million metric tons of carbon dioxide emissions a year, or between the levels produced by Jordan and Sri Lanka, a 2019 study in scientific journal Joule found.