Over half a dozen residents of this San Francisco 'castle' have become bitcoin millionaires - take a look inside
Melia Robinson/Business Insider
The Crypto Castle is a three-story home in San Francisco where young tech workers eat, sleep, party, and plot the future of money.
A majority of the millennial tenants invest in bitcoin, a new kind of payment system that allows people to buy things and send money with anonymity. There are no banks or middlemen. Transactions are recorded on a digital ledger called a blockchain.
Cryptocurrencies (of which bitcoin is the most popular) have been on a tear in 2017. Bitcoin surged in value from about $200 per token in 2015 to above $4,000 in August. Some believe the digital payment system is headed for a bubble that's destined to pop.
"Over a half-dozen people in the time they've lived in my house have become millionaires as a result of crypto," said Jeremy Gardner, a 25-year-old entrepreneur and investor.
In 2015, Gardner, the then-director of operations at Augur, a market forecasting tool that runs on the blockchain, put down a $20,000 deposit to rent the house. It's become a landing pad for people working in cryptocurrency-related tech.
Here's what it's like to live in the Crypto Castle among newly minted millionaires.
Get the latest Bitcoin price here.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- India's forex reserves sufficient to cover 11 months of projected imports
- ITC plans to open more hotels overseas: CMD Sanjiv Puri
- 7 Indian dishes that are extremely rich in calcium
- 10 dry fruits to avoid in summer- beat the heat just by avoiding these
- 2024 LS polls pegged as costliest ever, expenditure may touch ₹1.35 lakh crore: Expert