23-year-old Australian buys $314k property via planned crypto investments

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A young man based in Queensland, Australia has been playing the long game of accumulating Bitcoin (BTC) and Ether (ETH) for several years to finally beat the extremely high property prices during the 2020 bull market and buy his dream home.

Loi Nguyen, 23, began his investor journey in 2017 by buying several hundred dollars in BTC, ETH and traditional stocks. However, his interest in cryptography reached new heights when he obtained a degree in economics:

“Cryptocurrency came back into my life when I took a course on inflation at university. I learned that Bitcoin can be an inflation factor.”
Speaking to news.com.au, Nguyen said the low interest rates (less than 0.5%) offered by conventional banks would never help him enter the property market. Following a Dollar Medium Value (DCA) investment strategy, the young investor continued to diversify his cryptocurrency portfolio during the midst of a temporary bear market in 2018:

“I understand I took a big risk. I wanted to protect my purchasing power, protect my current savings, and make sure my money didn’t disappear.”

Loi Nguyen, as a college student, made a planned investment in cryptocurrency. Source: news.com.ua
When the traditional markets collapsed during the onset of the COVID-19 pandemic, Nguyen’s investment in cryptocurrencies soared at the expense of the value of his portfolio. This was when his investment focus shifted from traditional markets to cryptocurrencies, eventually accumulating 1 BTC within a few months.

With the aim of buying real estate, Nguyen pushed his crypto investment in November and December 2021, when BTC reached an all-time high of $69,000. In all, the young Australian sold less than half of his cryptocurrency portfolio, leaving him around $31,400 (AU$43,000) to pay the bank as part of the repayment.

Nguyen’s new one-bedroom apartment in Brisbane, Australia. Source: news.com.ua
Nguyen bought a one-bedroom apartment in Brisbane worth $314,000 (AU$430,000) and demanded about $62,735 (AU$86,000) in down payment. “Roughly half of them are made up of coding,” Nguyen added.

After graduating from high school, Nguyen worked full time as a bank teller for a year, but earned a low salary of about $20,400. “Now I feel much better,” he concluded.

RELATED TOPICS: Australian Advisory Committee lists key factors driving crypto adoption

Australian cyber security advisor, the Cybersecurity Industry Advisory Committee, recently highlighted a number of crypto-related opportunities.

As reported by Cointelegraph, the study, titled Exploring Cryptocurrencies, stresses the need for a regulatory framework to bring greater clarity and certainty about cryptocurrencies in the Australian market.

The federal advisor recommends looking into four main areas that can “help ensure safe adoption of cryptocurrencies in Australia,” minimum standards for cybersecurity, productivity (awareness through specialized training), a “follow the leader” approach, and operator transparency.

Source: CoinTelegraph

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