It took a young man from Queensland, Australia, a long time to build up enough Bitcoin (BTC) and Ethereum (ETH) so that he could eventually buy his dream home in 2020.
A few hundred dollars worth of Bitcoin, Ethereum, and traditional stocks were bought by 23-year-old Loi Nguyen back in 2017.
However, he became more interested in crypto while he was studying economics:
“Crypto came back into my life when I did a course at the uni on inflation. I learned that Bitcoin can be disinflationary.”
People who work for traditional banks don’t offer low interest rates (less than 0.5 percent). Nguyen told news.com.au that these low interest rates couldn’t help him get into the real estate market.
He kept diversifying his portfolio into cryptocurrencies even though there was a short-term slump in the market in 2018. The young investor used a dollar-cost averaging (DCA) investment strategy.
“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.”
During the start of the covid-19 pandemic, Nguyen’s crypto investments outgrew the value of his stock investments.
His investment focus changed from traditional markets to cryptocurrencies at this point. Over the course of a few months, he managed to get 1 BTC, or one Bitcoin.
A few months before Nguyen planned to buy real estate, he sold off his crypto investments. At the time, Bitcoin was at a record high of $69,000.
There was only a small amount of crypto that the young Aussie had sold, leaving him with about $31,400 to show the bank as a down payment.
Nguyen bought a one-bedroom apartment in Brisbane, which cost $314,000 ($430,000 Australian dollars) and required a down payment of about $62,735 ($86,000 Australian dollars) before he could move in.
Nguyen said that “about half of that was made up of crypto.”
To earn money for one year after high school, Nguyen worked full-time at the bank and made about $20,000 per month.
“I’m doing a lot better now,” he said at the end.
Australia’s cybersecurity adviser, the Cyber Security Industry Advisory Committee, recently talked about a lot of crypto-related opportunities.
As we said before, a study called Exploring Cryptocurrencies says that the Australian market needs a regulatory setting to get more clarity and confidence about cryptocurrencies.
If you want to keep cryptocurrencies safe in Australia, you should look into four areas: minimum cyber security standards, the ability to be aware through specialized training, the follow-the-lead approach, and transparency from the operators.