To finally overcome the rising real estate prices in 2020, a young Queensland resident invested over many years to accumulate Bitcoin ( Bitcoin) as well as Ether ( Ethereum). He then bought his dream home.
Loi Nguyen, 23, started his journey to becoming an investor in 2017 when he bought a few hundred dollars of BTC, ETH, and traditional stocks. While pursuing an Economics degree, Loi Nguyen’s interest in crypto grew to new heights.
“Crypto was a part of my life again after I took a course at the university on inflation. I discovered that Bitcoin can be deflationary.
Nguyen told news.com.au that the traditional banks’ lower interest rates (less then 0.5%) would not help him enter the real estate market. The young investor continued to diversify into cryptocurrency during the 2018 bear market by following a dollar cost averaging (DCA).
“I am aware that I took on many risks. I wanted to preserve my purchasing power, my savings and make sure that my money did not disappear.”
Nguyen’s crypto investments grew in value as traditional markets crashed during the COVID-19 pandemic. Nguyen’s investment focus shifted away from traditional markets to cryptocurrencies, eventually accumulating 1 BTC over several month.
Nguyen purchased real estate with the intention to cash out his crypto investments between November and December 2021. This was when BTC hit an all time high of $69,000. The young Australian sold less than half his crypto portfolio and left him with $31,400 (43,000 Australian Dollars) to show the bank as part of the downpayment.
Nguyen bought a Brisbane apartment with one bedroom for $314,000 (or $430,000 Australian dollars). He also needed $62,735 (or 86,000 Australian dollars), as a downpayment. Nguyen said that about half of the price was crypto.
Nguyen, who had just finished high school, worked full-time as a bank teller for one year. He was paid a low salary, at $20,400. He said, “I’m doing much better now.”
Related: The key factors to encourage crypto adoption
The Cyber Security Industry Advisory Committee in Australia recently highlighted many crypto-specific opportunities.
Cointelegraph reported that the study entitled Exploring Cryptocurrencies supports the need to establish a regulatory framework for greater clarity and confidence in relation to cryptocurrencies for Australia’s market.
Federal advisery suggests the exploration of four areas that could “help ensure safe adoption of cryptocurrency in Australia.” These are minimal cybersecurity standards, capability (awareness through special training), and the follow the lead approach and operator transparency.
