23-year-old Australian buys $314k property via planned crypto investments

A younger resident from Queensland, Australia performed the lengthy recreation of accumulating Bitcoin (BTC) and Ethereum (ETH) over a number of years to finally overcome the hovering actual property costs throughout the 2020 bull run and personal his dream house.

The 23-year-old Loi Nguyen began his journey as an investor again in 2017 by buying a couple of hundred {dollars} value of BTC, ETH and conventional shares. Nevertheless, his curiosity in crypto reached new heights whereas pursuing an Economics diploma:

“Crypto got here again into my life after I did a course on the uni on inflation. I discovered that Bitcoin could be disinflationary.”

Talking to information.com.au, Nguyen revealed that the decrease rates of interest (lower than 0.5%) supplied by conventional banks may by no means assist him break into the actual property market. By following a dollar-cost averaging (DCA) funding technique, the younger investor continued to diversify his portfolio into cryptocurrencies amid the non permanent bear market of 2018:

“I acknowledge I took on loads of dangers. I wished to guard my buying energy, defend my present financial savings, make sure that my cash didn’t dwindle away.”

As conventional markets collapsed throughout the begin of the covid-19 pandemic, Nguyen’s crypto investments outgrew the worth of his inventory portfolio. This was when his funding focus moved away from conventional markets additional into cryptocurrencies — finally accumulating 1 BTC over a number of months. 

With the intent to buy actual property, Nguyen cashed out his crypto investments throughout November-December 2021, a timeline when BTC reached an all-time excessive of $69,000. In complete, the younger Aussie bought lower than half of his crypto portfolio, leaving him round $31,400 (43,000 Australian {dollars}) to indicate the financial institution as part of the downpayment.

Nguyen bought a one-bedroom condominium in Brisbane, which was priced at $314,000 ($430,000 Australian {dollars}) and required roughly $62,735 ($86,000 Australian {dollars}) as a downpayment. “About half of that was made up of crypto,” Nguyen added.

After ending highschool, Nguyen labored full-time for a yr as a financial institution teller however was on a low wage of roughly $20,400. “I’m doing rather a lot higher now,” he concluded.

Associated: Aussie advisory committee lists key components for alleviating crypto adoption

Australian cybersecurity advisor, the Cyber Safety Business Advisory Committee, just lately highlighted quite a few crypto-specific alternatives.

As Cointelegraph reported, the examine titled Exploring Cryptocurrencies underpins the necessity for a regulatory setting for attaining better readability and confidence relating to cryptocurrencies for the Australian market.

The federal advisory recommends the exploration of 4 key areas that may “assist make sure the protected adoption of cryptocurrencies in Australia” — minimal cyber safety requirements, functionality (consciousness by means of specialised coaching), the follow-the-lead strategy and operator transparency.