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

A young Australian resident played the long game of accumulating Bitcoin (BTC) and Ether (ETH) over several years in order to purchase his ideal home during the 2020 bull market, when real estate prices were soaring.

In 2017, Loi Nguyen began his career as an investor when he bought a few hundred dollars’ worth of bitcoin, ether, and traditional equities. His enthusiasm for cryptocurrency grew even stronger while studying economics:

“Crypto came back into my life when I did a course at the uni on inflation. I learned that Bitcoin can be disinflationary.”

According to news.com.au, Nguyen stated that he would never be able to break into the real estate market with lower interest rates (less than 0.5 percent) offered by traditional banks. The young investor continued to diversify his portfolio into cryptocurrencies during the brief bear market of 2018 by following a dollar-cost averaging (DCA) investment

“I recognise 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.”

Nguyen’s cryptocurrency holdings outgrew the value of his stock portfolio after the traditional markets began to collapse during the COVID-19 epidemic’s start. This was when his investment focus drifted away from conventional markets and toward cryptocurrencies, eventually amassing 1 BTC over several months.

With the intent to purchase real estate, Nguyen cashed out his crypto investments during November-December 2021, a timeline when BTC reached an all-time high of $69,000. In total, the young Aussie sold less than half of his crypto portfolio, leaving him around $31,400 (43,000 Australian dollars) to show the bank as a part of the downpayment.

Nguyen, who is from Australia, purchased a one-bedroom home in Brisbane for $314,000 ($430,000 Australian dollars) and needed approximately $62,735 ($86,000 Australian dollars) as a down payment. “About half of that was made up of crypto,” he added.

After finishing high school, Nguyen worked full-time for a year as a bank teller but paid a low salary of roughly $20,400. “I’m doing a lot better now,” he concluded.

The Cyber Security Industry Advisory Committee, a cybersecurity consultancy, recently highlighted numerous crypto-specific possibilities.

The study, titled Exploring Cryptocurrencies underpins the necessity for a regulatory framework to provide greater clarity and assurance when it comes to cryptocurrencies in the Australian market.

The federal advisory recommends the exploration of four key areas that can “help ensure the safe adoption of cryptocurrencies in Australia,” which are minimum cybersecurity standards, capability (awareness through specialised training) and the follow-the-lead approach and operator transparency.

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