Business

23-year-old Australian buys $314k worth of assets through planned crypto investments

A young resident from Queensland, Australia played a game of accumulating Bitcoin (BTC) and Ethereum (ETH) for years to finally get over the skyrocketing real estate prices during the 2020 bull run and own your dream home.

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

“Cryptocurrency came back into my life when I took a course at school on inflation. I learned that Bitcoin can de-inflation.”

To speak to news.com.au, Nguyen revealed that the lower interest rates (below 0.5%) offered by traditional banks could never help him penetrate the property market. By following a dollar-cost averaging (DCA) investment strategy, the young investor continues to diversify his portfolio into cryptocurrencies amid the 2018 temporary bear market:

“I realized I took a lot of risks. I want to protect my purchasing power, protect my current savings, make sure my money doesn’t run out. “

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Loi Nguyen as a university student, implementing cryptocurrency investment plans. Source: news.com.au

When the traditional markets crashed during the start of the covid-19 pandemic, Nguyen’s crypto investments have outstripped the value of his stock portfolio. This is when his investment focus shifted further away from the traditional markets to cryptocurrencies – eventually accumulating 1 BTC in a few months.

With the intention of buying real estate, Nguyen cashed out his crypto investments between November and December 2021, a timeline when BTC hits all-time high of $69,000. In total, the young Australian sold less than half of his crypto portfolio, leaving around $31,400 (AU$43,000) in the bank as part of a down payment.

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Nguyen’s new one-bedroom apartment in Brisbane, Australia. Source: news.com.au

Nguyen bought a one-bedroom apartment in Brisbane, which cost $314,000 (AU$430,000) and asked for an upfront payment of around $62,735 ($86,000). “About half of that is made up of crypto,” added Nguyen.

After finishing high school, Nguyen worked full-time for a year as a bank teller, but with a low salary of about $20,400. “I’m doing a lot better now,” he concluded.

Related: Australia’s Advisory Committee Lists Key Factors for Easing Crypto Acceptance

Australia’s cybersecurity advisor, the Cybersecurity Industry Advisory Committee, has recently highlighted numerous crypto-specific opportunities.

As Cointelegraph reported, the study titled Exploring Cryptocurrencies underlies the need for a regulatory setup to achieve greater crypto clarity and confidence for the Australian market.

The federal advisor recommends exploring four key areas that can “help ensure the safe use of cryptocurrencies in Australia” – minimum cybersecurity standards, competence (awareness through training, etc.) expertise), leadership approach and operator transparency.