A 23-Year-Old Boy In Australia Purchases $314000 Property Through Planned Cryptocurrency Investments
A young citizen from Australian state Queensland held crypto including ETH (Ethereum) and BTC (Bitcoin) for many years to ultimately meet the spiking prices of real estate during the bull run of 2020 and purchase his favorite apartment. Loi Nguyen – a 23-year-old resident from Australia – began his crypto activities in 2017 with the purchase of some ETH, BTC, as well as conventional stocks of several hundred dollars. Nonetheless, the interest thereof in cryptocurrency touched the latest heights as he pursued a degree in Economics.
He stated that he restarted his crypto passion after studying a course on inflation at the university. He added to have learned about the potential deflation of BTC (Bitcoin) that can be achieved. While expressing his thoughts Nguyen disclosed that the decreased interest rates (lower than even 0.5%) that the conventional banks offer could never assist him to enter the market of real estate.
By moving according to an investment strategy called DCA (dollar-cost averaging), the young investor continuously diversified the portfolio thereof into crypto during 2018’s temporary bear market. He considers that he took several risks in getting benefits out of crypto. He intended to shield his purchasing power, his savings, as well as to guarantee that his money did not diminish. With the collapse of conventional markets at the beginning of the pandemic COVID-19, the crypto investments of Nguyen expanded the value of the stock portfolio thereof.
The respective event occurred when he was disillusioned with the conventional markets in the case of investments and thus he left to make further profits into the crypto market. As a result, he earned a cumulative value of up to 1 BTC during just a few months. Having an intention to buy real estate, during 2021’s November and December, the crypto investments of Nguyen were cashed out by him, at a time when BTC touched $69,000 as its all-time high.
Cumulatively, the young Australian resident traded less than 50% of the crypto portfolio thereof, after that $31,400 (approximately 43,000 AUD) was left in his account. Then Nguyen bought a Brisbane-based one-bedroom apartment in return for $62,735 (AUD 86,000) under downpayment with 50% of it having had been earned through crypto, in the words of Nguyen.
After accomplishing high school, the young Australian devoted his full-time to his job as a bank teller however was provided with a small amount of almost $20,400. Nevertheless, according to him, he is doing better currently.
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