To overcome the soaring real property prices in 2020, a young Queensland resident saved his money by building up Bitcoin (BTC), Ethereum (ETH) over many years and finally owning his dream home.
Loi Nguyen, 23, started his journey to becoming an investor in 2017 when he bought a few hundred dollars of BTC, ETH, and traditional stocks. While pursuing an Economics degree, Loi Nguyen’s interest in crypto grew to new heights.
“Crypto was a part of my life again after I took a course at the university on inflation. I discovered that Bitcoin can be deflationary.
Nguyen told news.com.au that traditional banks offer lower interest rates (less then 0.5%) which would not help him enter the real estate market. The young investor continued to diversify into cryptocurrency during the temporary bear market in 2018 by following a dollar cost averaging (DCA), an investment strategy.
“I am aware that I took on many risks. I wanted to preserve my purchasing power, my savings and make sure that my money did not disappear.”
Loi Nguyen, a student at university, plans to invest in crypto. Source: news.com.au
Nguyen’s investments in crypto outgrew his stock portfolio as traditional markets crashed during the covid-19 pandemic. Nguyen’s investment focus shifted away from traditional markets to cryptocurrencies, eventually accumulating 1 BTC over several month.
Nguyen purchased real estate with the intention to cash out his crypto investments between November and December 2021. This was a time when BTC had reached an all-time high at $69,000. The young Australian sold less than half his crypto portfolio and left him with $31,400 (43,000 Australian Dollars) to show the bank for the downpayment.
Nguyen’s brand new apartment in Brisbane, Australia. Source: news.com.au
Nguyen bought a Brisbane apartment with one bedroom for $314,000 (or $430,000 Australian dollars). He also needed $62,735 ($86,000 Australian dollar) to make a downpayment. Nguyen said that about half of the price was crypto.
Nguyen, who had just finished high school, worked full-time as a bank teller for one year. However, his salary was only $20,400. He said, “I’m doing much better now.”
Related: The key factors to ease crypto adoption are listed by the Australian advisory committee
The Cyber Security Industry Advisory Committee in Australia recently highlighted many crypto-specific opportunities.
Cointelegraph reported that the study entitled Exploring Cryptocurrencies supports the need to establish a regulatory framework for greater clarity and confidence in relation to cryptocurrencies for Australia’s market.
Federal advisory suggests the exploration of four areas that could “help ensure safe adoption of cryptocurrency in Australia”: minimum cyber security standards and capability, operator transparency, and follow-the-lead.
Eileen Wilson –Technology and Energy
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