Herman Claassens, owner of international high-end food business Australian Culinary Foods, was a passionate supporter of Bartercard until his agent recommended he consider the Bartercard-backed cryptocurrency Qoin.
Herman says COVID-19 hit his business hard. His spice factories in India were particularly impacted by the pandemic.
“My factory was closed for three months. We sell products that are really high end. People simply weren’t buying during COVID,” he says.
But after a visit to his local Bartercard office in March 2020, Herman was motivated to buy into Qoin. He began purchasing the cryptocurrency in March, when it was at 15 cents, and continued buying as the value grew. By July, he had bought $30,000 worth.
Today, his Qoin wallet is worth over $200,000—minus a $50,000 Wertheim grand piano Herman bought for his historic home.
Using Qoin to bolster super and travel
Herman is not the usual Qoin merchant. He’s using the cryptocurrency as a backup to his superannuation for retirement, and is looking forward to Qoin’s planned expansion into Asia, the sub-continent and Europe.
He says once Qoin reaches overseas markets in India and Asia, he’ll be able to trade the cryptocurrency for goods that can profit his culinary company, such as glassware and packing materials.
“I’ve already been speaking to my Indian contacts,” Herman says.
“We will set up there in a big way because that’s where we the business is—in India.”
Travel is also on the cards when the currency expands.
“If you’re in a small-to-medium sized business, it’s very hard to put money away for super,” Herman says.
“My money is in the factory, it’s in buying stock, always having to wait for invoices to be paid.
“I’m looking at the collateral I now have from my Qoin and saying to myself, ‘I’m 67 and I’m looking at retiring in the next five years, and if I can use my Qoin by then in Africa, UK, Asia and India, how wonderful is that, to travel the world using Qoin?”
Expansion will benefit Qoin merchants
Herman also plans to become an agent for Qoin, giving him the ability to introduce the cryptocurrency to other merchants and help grow the Qoin ecosystem.
He believes there is huge scope for Qoin to become a community of like-minded businesses that interact among each other.
“I hope one day that I could look for a plumber, carpenter or an electrician [on Qoin] in the Northern regions of NSW. Not many people are on it up here.”
Stability in uncertain times
With over 50 years in the retail import/export trade, Herman is a canny businessman with a keen eye for the next big market trend. Last year, as COVID ravaged global markets and saw people in many countries strip supermarket shelves bare of essential items, he seized the opportunity and imported bulk containers of toilet paper and butter into Australia.
He says that for him, Qoin’s value really shines as an alternative to trading on the share market.
“You buy shares and one day they’re up, the next they go down,” Herman says.
“And you get less from bank savings.
“It’s fun looking at your Qoin going up each morning, because I’m used to seeing everything going back!”