Waves Continues Surge And Young Australian Purchases Home With Crypto Investments

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Last Updated on 16 March 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Waves, the crypto coin with strong Russian and Ukrainian ties which we pointed out to you over the weekend already, continues a strong surge upwards and today wins another 17%. Perhaps it is indeed because Russians are parking their money in this coin in order not to get wiped out by a devaluating ruble, perhaps it is because the India Times had it in their economic section.

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23-Year-Old Buys Home With Crypto Investments

The story of 23-year-old Loi Nguyen, and Australian national living in Brisbane has gone viral for the fact that he was able to purchase a $300k home with a downpayment made up of his crypto investments. The tale has now made headlines around the world.

The young man used to work as a bank clerk but took a gamble on crypto which paid off handsomely.

Investing since 2017

Back in 2017, as Bitcon fever was heating up and Loi was in his second year of university, he read up about Blockchain and cryptocurrencies and decided to invest on a dollar cost averaging plan, meaning he laid aside whatever he could spare and invested it into various coins. The 2018 crypto crash did not scare him too much as Loi believed in the long term promises of cryptocurrencies. Although he lost a lot, he got back into Bitcoin soon after.

Crypto came back into my life when I did a course at university on inflation. I learned that bitcoin can be disinflationary.

He explained.

I was earning less than half a per cent on my savings account at the bank. I wanted to protect my purchasing power, protect my current savings, make sure my money didn’t dwindle away. I knew I had to be smart otherwise I would never enter break into the property market.

When covid hit in 2020, crypto started booming and his investments really paid off.

He spent an estimated $18,000 over the course of many months which has quadrupled in the past few years. He now owns an entire Bitcoin and continues to put more money into Bitcoin and Ethereum.

He pulled out his cryptocurrency slowly over time, when it was worth between $80,000 and $50,000.

Before purchasing his property, he cashed out about $43,000 in cryptocurrency to make the downpayment. According to Loi, it makes up less than half his overall portfolio.

I’ve always wanted to own my own property to be able live in it. Cryptocurrency allowed me to do that earlier.

jansanarak / Depositphotos.com