Loi Nguyen, A Young Person From Australia Creates A Dream Home From Years Of Investing In Crypto Money

Investing in cryptocurrencies long term can be profitable. (photo: doc. twitter)

JAKARTA - A young boy from Queensland, Australia, played the long game and accumulated Bitcoin (BTC) and Ether (ETH) for several years. Thanks to persistence and the rising price of Bitcoin, he was finally able to own his dream home.

23-year-old Loi Nguyen started his journey as an investor in 2017 by buying several hundred dollars worth of BTC, ETH and traditional stocks. However, his interest in crypto reached a new level while pursuing an Economics degree:

“Crypto came back into my life when I was taking a university course on inflation. I learned that Bitcoin can be disinflationary,” he said as quoted by Cointelegraph.

Latest reports; Loi Nguyen, a resident of Queensland, Australia, recently purchased a one-bedroom apartment in Brisbane for $314,000 (about A$430,000), requiring a down payment of about $62,735 (about A$86,000), after profiting from investing in cryptocurrencies for several years. pic.twitter.com/WOXtyYsWNE

— Chiconi. Giuliana. (@ZFmUEnVsGcS6uQm) March 13, 2022

Speaking to news.com.au, Nguyen revealed that the lower interest rates (less than 0.5%) offered by traditional banks will never help him break into the real estate market. However, following the dollar cost average investment (DCA) strategy, this young investor continues to diversify his portfolio into cryptocurrencies amid a temporarily bearish market in 2018:

“I realized that I was taking a lot of risks. I want to protect my purchasing power, protect my current savings, make sure my money doesn't run out,” said Nguyen

When traditional markets collapsed during the start of the COVID-19 pandemic, Nguyen's crypto investments exceeded the value of his stock portfolio. It was then that his investment focus shifted from traditional markets further to cryptocurrencies. He ended up accumulating 1 BTC over a few months.

With the intention to buy real estate.

Nguyen cashed in on his crypto investments during November-December 2021, the timeline when BTC hit an all-time high of $69,000.

In total, the young Australian sold less than half of his crypto portfolio, leaving around US$31,400 (Rp449.8 million) to show the bank as part of the down payment.

Nguyen bought a one-bedroom apartment in Brisbane, which costs US$314,000 (Rp4.49 billion) and requires around US$62,735 (Rp898.8 million) as a down payment. “About half of it consists of crypto,” Nguyen added.

After finishing high school, Nguyen worked full time for a year as a bank teller but earned a low salary of around 20,400 (Rp 343.8 million). "I'm doing much better now," he concluded.

Australian cybersecurity advisor, Cybersecurity Industry Advisory Committee, recently highlighted many crypto-specific opportunities.

As Cointelegraph reports, the study entitled Exploring Cryptocurrency supports the need for regulatory arrangements to achieve greater clarity and trust regarding cryptocurrencies for the Australian market.

The federal advisory recommended exploring four key areas that could “help ensure safe adoption of cryptocurrencies in Australia,” which are minimum cybersecurity standards, capability (awareness through specialized training) and operator follow-up and transparency approaches.