Finder co-founder Fred Schebesta to sell $7m Sydney home if cryptocurrency Bitcoin drops to $US12k

An Aussie entrepreneur, dubbed the ‘crypto king’, has sensationally claimed he will sell his $7 million beachside pad to buy Bitcoin, if the cryptocurrency falls below $US12,000.

In a bizarre promise, the Finder co-founder vowed to put his sprawling apartment, in the Sydney beachside suburb of Tamarama, up for sale. 

Bitcoin is currently at its lowest point since 2020, hovering around $A29,000, or $US20,000.

Crypto ‘king’ Fred Schebesta is best known for being a co-founder of financial comparison site Finder but was also an early investor in Bitcoin.

While he currently doesn’t hold any of the cryptocurrency, he has been vocal about his interest in picking up Bitcoin if it continues to fall. 

Mr Schebesta told The Daily Telegraph he would be buying ‘a lot’ of Bitcoin if it drops below $US12,000. 

Finder co-founder Fred Schebesta (pictured) said he would buy ‘a lot’ of Bitcoin if the cryptocurrency falls to $US12,000 

Mr Schebesta bought the Tamarama unit for just shy of $4 million in 2017 but he now claims the beachside pad is worth more than $7 million. 

The Finder co-founder told the publication he was keeping a close eye on Bitcoin’s drop and was prepared to go all-in if the cryptocurrency dropped another $US10,000. 

‘If Bitcoin was $US12,000, you are going to see a lot of buyers,’ Mr Schebesta said.

‘All the sellers will have been flushed out. There will be no-one left to sell.’

Mr Schebesta is estimated to have a net worth around $200 million and recently bought a $17 million mansion in Coogee, just down the road from his Tamarama apartment, thanks to his Bitcoin profits.

The Finder co-founder bought into digital currency when Bitcoin was in its infancy, netting him massive returns.

Fred Schebesta is willing to sell his $7m Tamarama pad to fund Bitcoin purchase. However, his $17 South Coogee ‘crypto castle’ (pictured) won’t be sold but is on AirBNB from $25k a night

Bitcoin is currently at its lowest point since 2020, hovering around $29,000 AUD and $20,000 USD

While Mr Schebesta promised to get rid of the Tamarama apartment, the entreprenuer said his clifftop mansion in nearby Coogee wouldn’t be up for sale.

In a 2021 interview with TikTok star Fonzie Gomez, Mr Schebesta said the flashy five-bedroom South Coogee property was purchased off the back of his crypto profits.

‘You’re in the house of crypto. Crypto built this house,’ Mr Schebesta told Gomez, while showing the TikToker around his 800-square-metre mansion.

The South Coogee home is able to be rented on Airbnb for just over $25,000 a night. 

With cryptocurrencies, including Bitcoin, still continuing to fall, the $12,000 USD mark is well and truly in sight.