Richardson mentioned his insurance coverage firm totaled his automobile, and the verify he acquired “gave me sufficient cash to outlive” till the 2 had been capable of launch their digital pockets in December of that 12 months.
That “pockets” — basically a bit of software program that enables customers to retailer digital currencies — is totally different than many different related merchandise, Richardson mentioned, in that customers have full management over the non-public key wanted to entry their foreign money, which makes it more durable for hackers to steal their digital belongings.
It was one other 12 months till their firm, Exodus Motion, took off, nevertheless.
In February 2017, Richardson mentioned the corporate did $3,000 in income, “And I believed we’d have a enterprise.”
The following month income jumped to $70,000, and he mentioned he was positive that they had a enterprise.
He was proper, and the corporate handed $1 million in complete income by the tip of 2017, making the most of a Bitcoin growth that noticed the worth rise from lower than $1,000 to almost $20,000 by the center of December.
Nevertheless, as all extremely speculative investments are vulnerable to do, Bitcoin noticed its worth crater the next 12 months. By the tip of December 2018, the worth of Bitcoin was round $4,000. In 2019, it rebounded some, however was nonetheless hovering round $7,000 by the tip of the 12 months.