Loy Nguyen began his investor journey in 2017 by buying hundreds of dollars worth of BTC, ETH, and traditional stocks. In November 2021, his cryptocurrency investment surpassed his entire stock portfolio.
A young resident of Queensland, Australia has been playing the long game of accumulating Bitcoin (BTC) and Ether (ETH) for several years to eventually overcome skyrocketing property prices during the 2020 bull run and buy his dream home.
Loi Nguyen, 23, started his investor journey in 2017 by buying hundreds of dollars worth of BTC, ETH, and traditional stocks. However, his interest in cryptocurrencies reached new heights while studying economics:
“Cryptocurrency came back into my life when I was taking a course on inflation at university. I learned that bitcoin can be disinflationary.”
Speaking to news.com.au, Nguyen said the lower interest rates (less than 0.5%) offered by traditional banks would never help him enter the property market. Following a dollar cost averaging (DCA) investment strategy, the young investor further diversified his portfolio into cryptocurrencies during the temporary bear market of 2018:
“I admit that I took a lot of risks. I wanted to protect my purchasing power, protect my current savings, make sure my money doesn’t disappear.”
Loi Nguyen, a university student, makes a proposed investment in cryptocurrency. Source: news.com.ua
As traditional markets collapsed at the onset of the COVID-19 pandemic, Nguyen’s investment in cryptocurrencies has outperformed the value of his stock portfolio. At that point, his investing focus shifted from traditional markets to cryptocurrencies – he ended up raising 1 BTC in just a few months.
With intentions to buy real estate, Nguyen cashed out his cryptocurrency investments in November-December 2021 when BTC hit an all-time high of $69,000. Overall, the young Australian sold less than half of his crypto portfolio, leaving him around $31,400 (AU$43,000) to show part of the deposit at the bank.
Nguyen’s new one bedroom apartment in Brisbane, Australia. Source: news.com.ua
Nguyen bought a one-bedroom apartment in Brisbane for $314,000 (AU$430,000) and required a down payment of approximately $62,735 (AU$86,000). “About half of that comes from cryptocurrencies,” Nguyen added.
After graduating from high school, Nguyen worked full-time as a bank clerk for a year, but was paid a meager salary of about $20,400. “I’m much better now,” he concluded.
See also: Australian Advisory Committee lists key factors to facilitate cryptocurrency adoption
The Cybersecurity Industry Advisory Committee, the Australian Cybersecurity Advisor, recently spoke about the many opportunities associated with crypto.
As Cointelegraph reports, the study, titled Exploring Cryptocurrencies, confirms the need for a regulatory framework to bring more clarity and certainty about cryptocurrencies to the Australian market.
The federal adviser recommends addressing four key areas that “can help ensure the safe adoption of cryptocurrencies in Australia”, namely minimum cybersecurity standards, skills (awareness through specialized training), a “follow the leader” approach and operator transparency.