A 23-year old Australian man purchased a $314K property with his crypto investments that outweighed his entire stock portfolio as we can see more in today’s latest cryptocurrency news.
Loi Nguyen started his journey in investing back in 2017 and purchased a few hundred dollars worth of ETH and BTC as well as traditional stocks. Back in 2021, his crypto investments outweighed the entire stock portfolio. The Australian man from Queensland Australia played a long game of accumulating BTC and ETH and then overcame the surging real estate prices during the 2020 bull run in order to purchase his own home. He purchased a few BTC and ETH back in 2017 but his interest in crypto reached a new high when he was preparing for his Economics degree:
“Crypto came back into my life when I did a course at the uni on inflation. I learned that Bitcoin can be disinflationary.”
Nguyen revealed that the low-interest rates offered by traditional banks were not able to help him break into the real estate marekt so by following a dollar-cost averaging investment strategy, the young investor continued to diversify his portfolio into crypto during the bear market in 2018:
“I recognize I took on a lot of risks. I wanted to protect my purchasing power, protect my current savings, make sure my money didn’t dwindle away.”
As traditional marks collapsed during the COVID pandemic, Nguyen’s investments in crypto surpassed the ones in the stock portfolio. This was when his investment focus moved from the traditional markets into crypto and this is how he accumulated 1 BTC over a period of a few months. With the goal to buy real estate, he cashed out his crypto investmetns back in December 2021 when BTC hit a high of $69,000 and in total, he sold less than half of the crypto portfolio which left him with $31,400 AUD to show the bank that he has a downpayment.
He purchased a one-bedroom apartment in Brisbane whcih was priced at $314,000 AUD and required $62,735 as a downpayment which was about half of what he made up with crypto. After finishing high school, Nguyen worked full-time as a bank teller but was on a very low salary of $20,400. however now, he said he is doing much better.
The Australian cybersecurity advisor the Cyber Security Industry Advisory Committee outlined plenty of crypto-specific opportunities and a study titled Exploring cryptocurrencies underpins the need for the regulatory setting for attaining bigger clarity and confidence in crypto for the Australian market. The federal advisory recommended the exploration of four key areas that can help ensure the safer adoption of crypto in Australia and ensure minimum cyber security standards.