In a successful story in the world of cryptocurrencies, a 23-year-old man in Australia managed to purchase a property worth $314,000 by accumulating cryptos Bitcoin and Ethereum for four years. Loi Nguyen began his journey in the crypto sphere in 2017 and took a different path by rejecting both short and long-term trading.
He planned to rather accumulate cryptos and began purchasing Bitcoin and Ethereum for four years straight. Nguyen never sold his holdings and made use of the dips in 2018 adding more BTC and ETH to his portfolio.
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As luck had it, the bull run in 2020 delivered enormous profits and cashed out his investments between November 2021. Nguyen pulled out his BTC at a time when it reached an all-time high of $69,000 on November 10. Ethereum had also reached its all-time high of $4,878 on the same day.
Nguyen revealed that he sold less than half of his portfolio and was still able to afford to purchase a home. He made this possible just a year after finishing college and working previously as a bank teller. The 23-year-old revealed that his position at the bank was a low-paying job and only cryptos made him achieve his dream. “I’m doing a lot better now,” he said to news.com.au.
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“Crypto came back into my life when I did a course at the uni on inflation. I learned that Bitcoin can be disinflationary. I recognize I took on a lot of risks. I wanted to protect my purchasing power, protect my current savings, make sure my money didn’t dwindle away,” he said to the outlet.
Bitcoin, Ethereum and Hope
Many working-class people around the world see cryptocurrencies as the only hope that can satisfy their financial aspirations. They believe the traditional methods of making money no longer create wealth and the stock market works only for the rich.
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Therefore, cryptos are seen as the only option that generates wealth while all the other markets seem to be closed. The current generation opts for investing in cryptocurrencies than the stock market as it delivers better returns during bull runs. However, the market comes with its own set of risks and can wipe away all profits during a crash.