ERROL PARKER | Editor-at-large | Contact
Glenn Brooker is a cryptopreneur that rides upon a bullish Litecoin steed, which he plans to hold for the time being.
But aside from his ‘blue chip’ coins, the 29-year-old smart man also enjoys diversifying his portfolio – and risk – by taking punts on smaller coins.
One of those smaller coins mooned, real hard.
As of the June 30, the Betoota Grove resident’s initial $500 investment in Verge is now worth a whopping $3.89m.
“I thought it mooned so many times,” he said.
“Once, I tried to sell it and it didn’t go through but then it went up again. Then when it mooned again, and I held it again, it went even higher,”
“So I thought, fuck it. That’s my mortgage paid off and I can invest the rest. So fucked. Crypto is really letting this younger generation get some financial power back. Boomers hate it because they don’t understand it.”
However, after paying a round of extortionate fees to get it back into regular currency, the 28-year-old is not facing another issue.
The Australian Tax Office.
As the large sum landed back into his account, he did what every financially literate person does.
He paid his debts, cleared the credit card and called his friends over for one hell of a celebration.
Unbeknown to the cryptopreneur, this large sum of money entering his account raised some flags with the authorities.
The bank also froze his account.
“So I got off the phone with the bank and the tax office just before,” he said.
“They said I owe them almost $2m is capital gains tax. What the hell is that? I thought the banks and government couldn’t touch crypto? This is bullshit. Blockchain isn’t an asset! Fuck! My Dad was right!”
“I went to speak with my accountant and he said either pay your taxes or learn how to fight because I’ll be having a gap year in Wacol prison if I don’t,”
“Do you get to keep the money if you go to prison and make it out alive?”
More to come.