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

A young nonmigratory from Queensland, Australia played the agelong crippled of accumulating Bitcoin (BTC) and Ethereum (ETH) implicit respective years to yet flooded the soaring existent property prices during the 2020 bull tally and ain his imagination home.

The 23-year-old Loi Nguyen started his travel arsenic an capitalist backmost successful 2017 by purchasing a fewer 100 dollars worthy of BTC, ETH and accepted stocks. However, his involvement successful crypto reached caller heights portion pursuing an Economics degree:

“Crypto came backmost into my beingness erstwhile I did a people astatine the uni connected inflation. I learned that Bitcoin tin beryllium disinflationary.”

Speaking to news.com.au, Nguyen revealed that the little involvement rates (less than 0.5%) offered by accepted banks could ne'er assistance him interruption into the existent property market. By pursuing a dollar-cost averaging (DCA) concern strategy, the young capitalist continued to diversify his portfolio into cryptocurrencies amid the impermanent carnivore marketplace of 2018:

“I admit I took connected a batch of risks. I wanted to support my purchasing power, support my existent savings, marque definite my wealth didn’t dwindle away.”

Loi Nguyen arsenic a assemblage student, making planned crypto investments. Source: news.com.au

As accepted markets collapsed during the commencement of the covid-19 pandemic, Nguyen’s crypto investments outgrew the worth of his banal portfolio. This was erstwhile his concern absorption moved distant from accepted markets further into cryptocurrencies — yet accumulating 1 BTC implicit respective months. 

With the intent to acquisition existent estate, Nguyen cashed retired his crypto investments during November-December 2021, a timeline erstwhile BTC reached an all-time precocious of $69,000. In total, the young Aussie sold little than fractional of his crypto portfolio, leaving him astir $31,400 (43,000 Australian dollars) to amusement the slope arsenic a portion of the downpayment.

Nguyen's caller one-bedroom flat successful Brisbane, Australia. Source: news.com.au

Nguyen purchased a one-bedroom flat successful Brisbane, which was priced astatine $314,000 ($430,000 Australian dollars) and required astir $62,735 ($86,000 Australian dollars) arsenic a downpayment. “About fractional of that was made up of crypto,” Nguyen added.

After finishing precocious school, Nguyen worked full-time for a twelvemonth arsenic a slope teller but was connected a debased wage of astir $20,400. “I’m doing a batch amended now,” helium concluded.

Related: Aussie advisory committee lists cardinal factors for easing crypto adoption

Australian cybersecurity advisor, the Cyber Security Industry Advisory Committee, precocious highlighted galore crypto-specific opportunities.

As Cointelegraph reported, the survey titled Exploring Cryptocurrencies underpins the request for a regulatory mounting for attaining greater clarity and assurance regarding cryptocurrencies for the Australian market.

The national advisory recommends the exploration of 4 cardinal areas that tin “help guarantee the harmless adoption of cryptocurrencies successful Australia” — minimum cyber information standards, capableness (awareness done specialized training), the follow-the-lead attack and relation transparency.