Kawhi Leonard Quits Raptors, Takes Pay Cut In LA After Hiding 284 Million In "Bitcoin"
'It's time for me to step away and take care of what I think is most important... and that is taking care of my people'
"Never say never, but I pretty well concluded that this would be it for me in terms of the Raptors, and [I'll] move to LA with lower NBA salary, but much happier financially off the court after this", Leonard explained to CNN. "I thought, 'Well, that's enough.' And why not go out with something that's very upbeat and positive?" The project he is referring to is the automated trading platform he's deeply invested in which was recently showcased in Dragons' Den by two best friends from university.
A user would simply make an intial deposit into the platform, usually of CAD 250 or more, and the automated trading algorithm would go to work. Using a combination of data and machine learning, the algorithm would know the perfect time to buy bitcoin low and sell high, maximizing the user's profit.
The entrepreneurial pair backed by Kawhi intend to make money from their platform by charging a small commission on only the profits a user generates. They asked the Dragons for CAD 200,000 for 25% of the company, valuing the company at CAD 800,000.
To demonstrate the power of their company's platform the entrepreneurs had Michele Romanow deposit CAD 250 live on the show.
"I've heard about Bitcoin and the massive amount of money you can make from it, but I've never bought any. I no idea where to start. This was really easy, I can just use my credit card to deposit money and it buys them for me." Janine said.
After her initial deposit for CAD 250 was made, the trading platform went to work buying low and selling high. Within 3 minutes, she had successfully increased her initial funds to CAD 323.18. That's a CAD 73.18 profit.
All the Dragons were immediately impressed by how easy it was to make money. The platform handles all the trading work automatically and because the price of Bitcoin is quite volatile, there are numerous opportunities to profit.
Dragons' Den featured a story on how everyday Americans were cashing in on Bitcoin
"Bitcoin is so hot right now and if even somebody like Janine, no offence Janine, can make money from it, I'm all in. I need to have a piece of this. I'm going to make a huge offer, CAD 2 million for 25% of the company." Michael Wekerle said.
Before the entrepreneurs even had a chance to respond to O'Leary's offer, Michele Romanow interrupted and said with a smile on her face: "I've gone up to CAD 398.42 after just 8 minutes".
Although at this point all 5 Dragons were ready to invested, a bidding war quickly emerged between Jim Treliving and Michael Wekerle. Richards improved on O'Leary's offer, by CAD 2.5 million for 25%, whereas O'Leary hit back with a revised valuation of CAD 2.5 million for 20%, effectively valuing the company at CAD 12.5 million.
After some minor back-and-forth discussion, the entrepreneurs quickly accepted, making this the biggest deal in the history of Dragons' Den.
We decided to put Bitcoin Era to the test, to see if it was really possible for you to make money using the platform.
We quickly discovered that the platform charges a commission of 2% on profits a user generates and you need to make a minimum deposit of CAD 250 to get started. That money will be your initial investment, which the trading software uses to trade.
Also, we learnt that Bitcoin Era makes money by buying when the price goes up ANDwhen the price goes down. This is know as short-selling and the platform handles it for you automatically.
I decided to sign up for an account with Bitcoin Era, I made the initial deposit CAD 250 and set my account to active.
MY RESULTS WITH BITCOIN ERA AFTER 7 DAYS
On the show, Janine was able to make CAD 73.18 in profit after 3 minutes, for me, it took much longer. The platform took 20 hours to generate a CAD 80.19 profit, which still impressed me alot! I've never puchased Bitcoin before and never made a trade in my life, yet here I was able to generate profits.
I spent about 5 minutes a day checking my results and after 5 days, the platform had traded up to a massive total of CAD 630. That is a 252% increase in my initial deposit. I was starting to become a true believer in this platform.
After 7 Days my initial investment had traded up to CAD 1,930. At this point, my mind was racing with possibilities of all the things I could spend that money on. This is more money than I made at work for the week and I spent less than 30 minutes checking the platform.
I decided to keep my account active for 15 days in total, because I wanted to see how high it could go. My account eventually hit a peak of CAD 7,380.10, but had a negative -CAD 79.51 trade. I looked through my trading logs and discovered that not every trade is profitable, some actually lose money.
The platform isn't magic, but after 70% of my trades were profitable, the net result was I made CAD 7,300.59 from my initial deposit of CAD 250. It took me less than 30 minutes of work a week and absolutely no technical or investing experience.
As you can see from the screenshot below, I decided to used the 'withdraw funds' function to withdraw CAD 7,300.59 from my account.
How I easily withdrew my money from my Bitcoin Era account
All in all, I was able to make CAD 7,300.59 from using Bitcoin Era. I decided to pull my money out to pay for an overseas holiday. When I get back, with the money I've got left over from my holiday, I will definitely reinvest in Bitcoin Era. I may even quit my job!
Note: It took 48 hours for my the money to be deposited into my personal bank account.