A young resident of Queensland, Australia has been playing the long game for several years, hoarding bitcoin (BTC) and Ethereum (ETH) to eventually overcome skyrocketing property prices during the 2020 bull market and purchase his dream home.
Loi Nguyen, 23, started his investor journey back in 2017, buying several hundred dollars worth of BTC, ETH, and traditional stocks. However, his interest in cryptocurrencies reached new heights while pursuing his degree in economics:
“Cryptocurrency came back into my life when I took a course at university on inflation. 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 will never help him enter the real estate market. Following a dollar cost averaging (DCA) investment strategy, the young investor continued to diversify his portfolio with 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 didn’t disappear.”
As traditional markets collapsed during the onset of the covid-19 pandemic, Nguyen’s investment in cryptocurrencies has outpaced the value of his stock portfolio. This was when his investment focus shifted from traditional markets to cryptocurrencies – he ended up accumulating 1 BTC in a few months.
Intending to purchase real estate, Nguyen cashed out his cryptocurrency investments in November-December 2021, when BTC hit an all-time high of $69,000. In total, the young Australian sold less than half of his crypto portfolio, leaving him around $31,400 (AU$43,000) to show the bank part of the down payment.
Nguyen bought a one-bedroom apartment in Brisbane for $314,000 (AU$430,000) and demanded around $62,735 (AU$86,000) in down payment. “Roughly half of that amount comes from cryptocurrencies,” Nguyen added.
After graduating from high school, Nguyen worked full-time as a bank teller for a year, but received a low salary, approximately $20,400. “Now I am much better,” he concluded.
Related: Australian Advisory Committee Lists Key Factors to Facilitate Cryptocurrency Adoption
The Australian Cybersecurity Advisor, Cybersecurity Industry Advisory Committee, recently highlighted numerous opportunities related to cryptography.
As reported by Cointelegraph, the study, titled Exploring Cryptocurrencies, confirms the need for a regulatory framework to achieve greater clarity and certainty about cryptocurrencies for the Australian market.
The Federal Council recommends exploring four key areas that can “help ensure the secure adoption of cryptocurrencies in Australia” – minimum cybersecurity standards, capabilities (awareness through specialized training), a “follow the leader” approach, and operator transparency.
