Young rich-lister Fred Schebesta names bitcoin target price he’s set for investing millions

Young rich-lister Fred Schebesta, dubbed Australia’s crypto king, has revealed the price he’ll buy millions of dollars worth of bitcoin, using the proceeds from selling a pad in Sydney’s east.

The Sydney entrepreneur who has been dubbed Australia’s cryptocurrency king says he will sell a $7-million-plus eastern suburbs property and invest the proceeds in bitcoin if its price plunges by a further $US10,000 ($14,000).

Fred Schebesta — also known for founding financial services comparison site Finder — told The Daily Telegraph he will be buying “a lot” of bitcoin should it fall to $US12,000.

Bitcoin is currently trading at $US22,400 after shedding two-thirds of its value since November last year.

Mr Schebesta said that were the biggest and best-known cryptocurrency to sink to $US12,000, he would invest the proceeds from selling a Tamarama unit he bought in 2017 for $3.9 million.

He suggested the pad was now worth more than $7m.

Fred Schebesta’s unit is thought to be worth more than $7m. Picture: Jane Dempster

“I will buy a lot of bitcoin if it goes down to $US12,000,” Mr Schebesta told The Telegraph.

“I’d sell a property to do it,” he added, later specifying the Tamarama unit, not the $17m “Crypto Castle” he bought from adman John Singleton.

Fred Schebesta gives away his cryptocurrency secrets, including buying Bitcoin once it falls to US$12,000.

“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, whose personal worth has been estimated at nearly $200m, said he had been a seller of bitcoin when it was “much higher up” in price.

“I’ve been sitting out for a while,” he said.

Fred Schebesta’s personal worth has been estimated at $200m from cryptocurrency profits. Picture: Jane Dempster

While he said he was explicitly not offering financial advice to others, Mr Schebesta suggested cryptocurrency currently presented less risk than previously because of the price plunge.

“You have more potential to go up than down from here,” he argued.

“Obviously it can pull back – this is not financial advice and of course it can still go to zero. You have to be prepared for that.”

Fred Schebesta said to be aware of the ebbs and flows of cryptocurrency. Picture: Jane Dempster

Another expert, crypto exchange Independent Reserve CEO Adrian Przelozny, said investment sentiment could turn around as soon as the end of this year, once there is clarity about when central banks will stop raising interest rates.

“I think you will see cryptocurrency will be the first asset class to react to that,” Mr Przelozny said. “It’s a canary in a coal mine.”

Fred Schebesta is the co-founder of CEO of Finder, among other ventures. He has made efforts to boost his 'personal' brand, alongside his actual corporate brands. Picture: Jane Dempster

Mr Przelozny said people should only buy crypto after doing a “valuation model” on its intrinsic worth, just as they might for any investment, including a house or ANZ Bank shares.

Mr Schebesta said cryptocurrency prices had mainly fallen due to fear, which he believed was at its “maximum” now.

The causes of that fear included central banks raising interest rates, Russia’s war on Ukraine, Japan’s economic woes and several high-profile crypto failures.

“But those things pass,” he said. “This hardens the industry and makes it strong.”

Mr Przelozny said “over one or two years our outlook is very, very bullish.”