A young resident of Queensland, Australia, played the long game of collecting Bitcoin (BTC) and Ethereum (ETH) for several years, eventually overcoming rising real estate prices during the bull run of 2020 and owning his dream home.
Loi Nguyen, 23, started his journey as an investor in 2017 by buying a few hundred dollars worth of BTC, ETH and traditional stocks. However, his interest in crypto reached new heights while pursuing a degree in economics:
“Crypto came back into my life when I did a course on inflation at university. I learned that Bitcoin can be disinflationary.”
Speak Nguyen revealed to news.com.au that the lower interest rates (less than 0.5%) offered by traditional banks could never help him break into the real estate market. By adopting a dollar-cost averaging (DCA) investment strategy, the young investor continued to diversify his portfolio into cryptocurrencies during the temporary bear market of 2018:
“I recognize that I took a lot of risks. I wanted to protect my purchasing power, protect my current savings, make sure my money doesn’t shrink.”
Loi Nguyen as a university student, making planned crypto investments. Source: news.com.au
As traditional markets collapsed amid the onset of the Covid-19 pandemic, Nguyen’s crypto investments outgrew the value of his stock portfolio. This was when his investment focus shifted from traditional markets further to cryptocurrencies – eventually accumulating 1 BTC over several months.
With the intention of buying real estate, Nguyen cashed in on his crypto investments in November-December 2021, a timeline when BTC hit an all-time high of $69,000. In all, the young Aussie sold less than half of his crypto portfolio, leaving him with about $31,400 (43,000 Australian dollars) to show the bank as part of the deposit.
Nguyen’s new one bedroom apartment in Brisbane, Australia. Source: news.com.au
Nguyen bought a one-bedroom apartment in Brisbane that cost $314,000 ($430,000 Australian dollars) and demanded about $62,735 ($86,000 Australian dollars) as a down payment. “About half of that was crypto,” Nguyen added.
After graduating from high school, Nguyen worked full-time as a bank teller for a year, but had a low salary of about $20,400. “I’m doing a lot better now,” he concluded.
Related: Aussie Advisory Committee Lists Key Factors for Facilitating Crypto Adoption
Australia’s cybersecurity advisor, the Cyber Security Industry Advisory Committee, has recently highlighted numerous crypto-specific opportunities.
As Coin-Crypto reported, the research titled Exploring Cryptocurrencies underscores the need for a regulatory environment to gain greater clarity and confidence regarding cryptocurrencies for the Australian market.
The federal advisory recommends exploring four key areas that “can help ensure the secure adoption of cryptocurrencies in Australia” – minimum cybersecurity standards, capability (awareness through specialized training), the follow-the-lead approach and transparency of the operator.