How ‘King of Instagram’ Dan Bilzerian ‘made millions’ from cryptocurrency after bizarre poker deal... - The US Sun

DAN Bilzerian isn't shy about flashing his cash on social media while his female companions flaunt their assets.
The filthy rich private jet-riding playboy sparked a social media frenzy with his extravagant displays of wealth and women.
Delving deeper into the infamous poker player's finances and rise to fame sheds some light on Bilzerian's illustrious lifestyle.
The majority of his 33.5million followers barely have a moment to ponder his riches before he shares another enviable post.
Aided by a chunky trust fund from his father, notorious Wall Street corporate raider Paul Bilzerian, the supposed King of Instagram created his own fortune.
The Florida-born lothario, often seen with a gaggle of girls on his arm, is rumoured to be worth up to $200 million – but the secret to his success isn't all that clear.
Although he claims to have made the majority of his money as a professional poker player, Bilzerian has his fingers in quite a few pies.
As well as managing his social media presence, movie cameos and gambling, he also hopped on the crypto trend early.
The 42-year-old revealed that he made big bucks from cryptocurrency after taking heed of some advice from a pal.
He explained he found himself swimming in the digital cash pond unintentionally after winning "millions of dollars" in poker games.
Bilzerian claimed the bloke who owed him his booty said Bitcoin would be the best way for him to stump up the cash.
But the social media star was originally unsatisfied with the arrangement as he would have to pay a five percent transaction fee.
It would have set him back around $50,000 if he had only scooped $1million while gambling.
He described the situation as "f***ing bulls**t" during a podcast with Jackass star Steve-O, but admitted he eventually agreed to be reimbursed in Bitcoin.
Bilzerian claims he kept his crypto on a laptop stashed in his safe – and simply forgot about his winnings, that were only worth $300 per coin at the time.
The bearded poker player said he only remembered his Bitcoin a few years later when the sector experienced a mighty boom.
After a pal informed him crypto was "going off", he dug out the laptop from his safe – but claims he had forgotten the password.
The Armenian-American businessman says he was eventually able to access his funds and realised he was sitting on a fortune.
Bilzerian claims he then decided to keep hold of his Bitcoin, as he was keen to ride the "wave" of the crypto craze.
He went on to purchase more digital assets including Ethereum and claims it made him "a lot of money" because he was "able to call such good times to cash out."
But he wasn't greedy – as he told a pal he didn't need any more Bitcoin after being offered another investment.
Bilzerian claims he encouraged his friend to "hold onto it" instead and he received a priceless piece of advice in return.
The Instagram phenomenon was told: "If you’re not a buyer at $17,700 you should be a seller."
It set the money-making cogs of his mind in a spin, seeing him adopt a different perspective of the crypto world.
Bilzerian explained: "If you don’t want to buy at a certain price then you should probably be selling, if you think it’s more likely that it’s going to go down than up."
He claims he only let go of "almost all" his crypto riches when their value shot to $16,500, with his friend's message echoing in his mind.
The uber-wealthy playboy says he was able to understand the market to create even more money and later reinvested in crypto before selling again at a profit.
He described the rise and fall of cryptocurrency values as "crazy", and admitted it has him "sweating like he made a bet on the Super Bowl."
Bilzerian also has an interesting business under his belt to fund his luxury lifestyle.
The poker player's company Ignite flogs CBD oil and vaping products – although it reportedly lost over $50 million in 2019, mostly on marketing and office rental expenses.
A company report said Ignite had raised huge sums from issuing shares and borrowing from investors.
It then went on an epic spending spree even as its stock price plunged, according to Forbes.
Cash went on licensing fees, business expenses, and travel expenses for companies "owned by the CEO", according to the accounts.
Ignite also received more than $1million of government money under a Covid support scheme.
Many suspect his finances don't quite add up, as Bilzerian seems to spend millions more than he earns.
He brushes off any questions by claiming he struck it lucky at private games with billionaires, as fans noticed he rarely appeared at any top tournaments.
However, Bilzerian's Bitcoin stash and his pal's advice seem to have added another piece to the puzzle of deciphering his riches.
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