If you’re inspired by “vest and rest” millionaires – 30-something tech entrepreneurs who have sold their firm to Facebook or Google and are creaming the profits working six-hour days – there is another option for big bucks that allows you to stick closer to banking: bitcoin.
The crypto-currency is much-hyped, but take a little inspiration from Jeremy Gardner, a 25-year-old bitcoin millionaire splitting his time between sourcing investments for a VC firm called Blockchain Capital and…partying. Gardner, who dropped out of college twice, works part-time, is a self-made millionaire and told Business Insider that his biggest expense was “alcohol”.
Gardner is a bitcoin evangelist, and it’s easy to see why. In 2008, returning from a safari holiday, Gardner told Business Insider that he’d checked Twitter to realise that the spiralling value of the cryptocurrency meant that his net worth doubled in five days: “That, to me, was nuts,” he said.
“By dedicating my life to crypto assets and blockchain technology, I’ve made more money than I would have ever expected to make in my entire life — by a long shot,” he said. Gardner now works for the VC firm for no salary but instead gets carry, namely a share of the profits the firm makes on investments he advised on.
Gardner lives in a three-storey house in San Francisco with other technology entrepreneurs known as Crypto Castle. “Over a half-dozen people in the time they’ve lived in my house have become millionaires as a result of crypto,” Gardner said.
And the alcohol spend, he says, is more about helping others have a good time: “As I’ve seen my wealth grow, it’s important to me that I give back to this industry that’s given me so much. So when we go to conferences, I’ll bring a bunch of people out and buy bottles at the club, pay for dinner and stuff.”
Bitcoin is now above $4k. Too late to get in? Gardner, obviously, thinks not: he expects it to reach $10k in five to 10 years.
Separately, the days of Barclays interns attempting to catch a little rest by sleeping in a toilet cubicle are over. Forget facetime in the office, Barclays now wants to know exactly when you’re at your desk. The bank has just installed sensors under the desks of its bankers in London to assess when how long they spend at their desk, according to Bloomberg.
Bank employees were not extensively told about their installation and it appears to have many thinking that Big Brother is watching them. The same thing happened last year when the Telegraph installed them under the desks of its journalists, prompting jokes about the dangers of long toilet breaks. But, like the newspaper, Barclays has insisted its not about productivity, but about efficiency.