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In his teens, he ran away from home to make money for his first motorcycle. He managed a cooperative in 1990s. He worked for government and commercial organizations. He survived two revolutions in Georgia and stayed in the country to make a crypto business. Today he is one of the most famous Georgian crypto investors, an ICO advisor, member of World Blockchain Association, and founder of Bitcoin Embassy Georgia. His name is Alex Sudadze.
We asked Alex how he started a journey in the crypto world, being among the first to mine Bitcoin in Georgia, and what plans he had for the future.
I ran away from home when I was 14 years old to buy a motorcycle
I ran away from home when I was 14 years old. I asked my father to buy me a motorcycle, but he did not. So I ran away to earn money. It took me a month and a half. I worked as a loader and general worker.
Then 1990s came with a fashion for setting up cooperatives. I had an agricultural cooperative. I worked for some time there and later took a government job working in the finance department, Ministry of Internal Affairs, in many agencies to make the story short.
Having worked for the state, I understood that it was better to opt for commercial companies. First, I worked for one firm, later for myself. Then the revolution happened in Georgia in 2003 and I had to start all over again. Then there was another revolution in 2012 and I decided that I needed to move my business onto the Internet not to depend on revolutions.
When I worked with cryptocurrencies, people thought I was crazy
I got into the world of finance by chance. I have a financial background, but I have been working in the field of high tech for 20-25 years. In 2011, I felt that I needed something new. I occasionally got to know about cryptocurrencies.
In 2011, I was writing articles for technology magazines and needed some new material. I had subscriptions to different newsfeeds and started receiving news about Bitcoin. I got interested in the topic and even did not sleep for three nights – started to write articles. And 2012 was a game changer for me, as I understood what I wanted to do in life further.
Starting from 2012 up until 2014, people around me thought I was crazy. Nobody believed that Bitcoin was worth something. Nobody thought it was possible to mine a currency until I proved it with my own example. At that time, friends were telling me, “Forget about it! Do something useful. You are a normal person, are not you? Do you need it all?” I did not listen to them.
In some time, people around me stopped thinking I was insane and understood that I was 2-4 years ahead of global trends with my interest in cryptocurrencies. It always happens so with new technologies.
I felt myself a loner
To look into blockchain and cryptocurrencies, I was reading foreign resources and materials. I felt myself a loner at that time. However, I kept writing articles and starting up discussion topics on forums.
Gradually, I found like-minded people that were not afraid of critics and mockery from the side of the technology community. I understood that blockchain was a serious technology that would become global. The most convincing thing in the blockchain’s potential was the level of trust to the system. The business was getting international and requirements to the trust in your partners were growing. If I want to do something through blockchain today, in fact, I don’t need to know my partner, let’s say, from Japan. I simply trust blockchain.
That is why I started attending international conferences, reading scientific articles, and mining – to back up my finances.
Robots were working for me
There was an interesting story with mining. At that time, I met a good friend of mine. We communicate up to date. He sold me my first miner. I remember that I spent three nights at my friend’s place to understand how a miner works, how to adjust it, and how to repair.
When people asked me where I take money, I answered: “Robots are working for me”.
If you start selling khachapuri nearby khinkali, the interest in khinkali will drop
But I understood that new technologies might not work at some moments. When I was investing funds, I never put all the eggs in one basket. Diversification is my creed. At some point, specific miners brought big money, but I was always saying, “Guys, today it gives you such amounts, but nobody knows what will happen tomorrow”.
I offered a simple explanation to Georgian entrepreneurs using the example of the restaurant business: if one restaurant makes good khinkali and one day, a new restaurant selling excellent khachapuri opens nearby, people will eat khinkali more seldom. Everyone understood that.
When altcoins appeared, many people started investing in them. The returns were incredible: 20X or even 40X growth in four months. Nevertheless, I warned everyone that it was better to make smaller amounts regularly. Stability is the main thing in business.
Many people have money, but not knowledge
Today it is quite difficult to start your own crypto business. A sponsor will not help. To be more precise, a sponsor will help but only those who already have knowledge. Today there are two different worlds: those who have money and those who have knowledge. Many people have knowledge, but knowledge is harder to obtain. It is hard to gain experience and expertise.
That is why if someone is just starting a journey in the crypto industry, I would not recommend doing it with other people’s money. It would be better to use your own money. But if you don’t know how to invest in cryptocurrency or ICO, it would be better to entrust money to an experienced investor. He will manage your funds for a remuneration.
You should be careful here as well. In my opinion, 70% of companies that offer fund management services simply vanish at some point. However, trusted organizations make good money for themselves and their customers.
Having fallen from an escalator, you return to the trusted accommodation ladder
Like in any other business, the most difficult and important thing in the crypto business is to remain faithful to your principles. It happens that you are promised easy money and you give in to temptation. Then you understand very quickly that this money will disappear soon.
I can compare it with a broken escalator. You go up an accommodation ladder and then suddenly notice an escalator nearby. You go to the escalator and it turns out to be broken. You fall painfully. You go back to the ladder and do not even look at escalators anymore.
Most often people ask how to use cryptocurrency to earn money for a car or a house
To prevent people “falling from escalators”, our team of Bitcoin Embassy Georgia informs them about blockchain and cryptocurrencies. There are many scammers, so we provide only verified information.
90% of people are interested in mining and most often ask, “Where does the money go?” Another frequent question is something like “How to buy furniture, a house, and a car for this money?” They look at their neighbors who suddenly got rich thanks to cryptocurrencies and want to follow their example. We explain that it does not work like that. It is difficult to explain such things to adults as they are used to fiat money – cash. But we are explaining how exchanges work.
As for mining, we explain that electricity is cheap in our country. And generated heat could be used for greenhouses or heating water. People see that it is profitable and positively influences ecology.
We host conferences and seminars dedicated to blockchain. Now we have united our efforts with the Blockchain Association Georgia – our community is growing. We can see the interest of the European and Asian blockchain community: people come to Georgia from everywhere.
I sleep 4-5 hours per day and meditate – that is where I take energy
I will share my plans for the next three years. I have set up an international holding that will deal with international investments. We will also deal with projects that require collaboration of different countries. In other words, on the base of this company, we want to bring together the European and Asian blockchain community to solve complex problems.
To have energy, I meditate and sleep 4-5 hours per day. Therefore, I always have the strength. I do not remember saying something like “I’m tired”, “I feel lazy”, “don’t want to”, “cannot” in the last two years. It really helps me in life.
On June 20, Alex Sudadze will participate in two panel discussions at Blockchain & Bitcoin Conference Georgia.