A 23-year-old Australian man uses cryptocurrency deposits to buy a $314K house.
Loi Nguyen began his investment career in 2017 with a few hundred dollars worth of Bitcoin, Ethereum, and traditional equities. His crypto investments exceeded his whole stock portfolio in November 2021.
A young Queensland, Australian citizen played the long game of accumulating Bitcoin (BTC) and Ethereum (ETH) over several years in order to eventually overcome the increasing real estate prices during the 2020 bull run and purchase his dream home.
Loi Nguyen, 23, began his investment career in 2017 by purchasing a few hundred dollars worth of Bitcoin, Ethereum, and regular equities. However, while obtaining an Economics degree, his passion for crypto grew to new heights:
“Crypto reappeared in my life after I took an inflation course at university. I discovered that Bitcoin has the potential to be deflationary.”
Traditional banks’ lower interest rates (less than 0.5 percent) could never help Nguyen enter into the real estate industry, he stated. Despite the interim bad market of 2018, the young investor continues to diversify his portfolio into cryptocurrencies by using a dollar-cost averaging (DCA) investment strategy:
“I acknowledge that I took a lot of chances. I wanted to keep my purchasing power, my current savings, and make sure that my money didn’t run out.”
Nguyen’s crypto assets surpassed the value of his stock portfolio as traditional markets crashed with the commencement of the covid-19 outbreak. This was the point at which his investment concentration shifted from traditional markets to cryptocurrencies, with him finally amassing 1 BTC over the course of several months.
Nguyen cashed out his crypto investments in November-December 2021, when Bitcoin reached an all-time high of $69,000, with the intention of purchasing real estate. The young Australian liquidated less than half of his cryptocurrency holdings, leaving him with roughly $31,400 (43,000 Australian dollars) to show the bank as a downpayment.
Nguyen paid $314,000 ($430,000 Australian dollars) for a one-bedroom property in Brisbane, which needed a downpayment of around $62,735 ($86,000 Australian dollars). “Crypto made up around half of that,” Nguyen noted.
Nguyen worked full-time as a bank teller for a year after graduating from high school, but on a modest wage of around $20,400. He concluded, “I’m doing a lot better now.”
Nguyen paid $314,000 ($430,000 Australian dollars) for a one-bedroom property in Brisbane, which needed a downpayment of around $62,735 ($86,000 Australian dollars). “Crypto made up around half of that,” Nguyen noted.
Nguyen worked full-time as a bank teller for a year after graduating from high school, but on a modest wage of around $20,400. He concluded, “I’m doing a lot better now.”
Minimum cyber security requirements, capability (knowledge through specialized training), the follow-the-lead strategy, and operator openness are all mentioned in the federal guideline as four essential areas that might “help secure the safe adoption of cryptocurrencies in Australia.”
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