For more than a year, the Perth resident lived in his car and took showers at his neighbourhood library. However, a "risky" move altered his fortune dramatically.
A Perth FIFO miner who spent a year living in his car has earned a whopping half a million dollars from cryptocurrency investments.
Max*, who requested anonymity due to privacy concerns, learned about speculative coins in 2017.
He was convinced it was a scam and spent another 18 months researching until he felt comfortable investing a large portion of his savings in cryptocurrency, primarily bitcoin and ethereum.
Max, 40, now has $465,000 worth of cryptocurrency to his name several years later.
"It could easily go to zero or double," the punter explained to news.com.au.
He described his decision to invest in cryptocurrency as "desperate," but noted that it paid off in the end.
The bitcoin enthusiast intends to cash out when the coins reach predetermined price levels.
He has since left his job and purchased a four-bedroom, two-bathroom house in Perth for $202,000.
Max had always desired homeownership and accumulated savings from his $85,000 annual salary as a fly-in/fly-out worker in Western Australia.
However, once he realised crypto could provide him with massive profits, he shifted his strategy.
"I was saving fervently for years," he explained.
"My initial plan was to save for a down payment on a house, but my savings strategy veered off course. I reasoned, 'I'll go in two directions, for a house and crypto.'
"I was so desperate to change my life."
He invested $40,000 in bitcoin in 2018, when the price of a single coin ranged between US$5,000 and US$12,000. At the time of press, a single bitcoin is worth US$57,000.
He invested in cryptocurrency in dribs and drabs at regular intervals using a dollar cost averaging strategy.
When he noticed that the price of bitcoin had briefly dipped, he purchased additional units.
He also invested in altcoins such as solana and luna during this time period. He experimented with shiba inu and quickly realised a profit.
Max also purchased a small amount of ethereum in September 2020, when the second largest blockchain was only worth US$250. It is now worth approximately US$4500 per coin.
According to the professional, holding was critical.
In total, he's recouped his investment six times over.
Max chose to live in his car for the majority of 2018 and 2019 rather than rent a place to save money for his crypto portfolio.
As a FIFO worker, he spent the majority of his time on worksites that provided housing and didn't want to waste his money on a rental property he would be absent from the majority of the time.
As a result, he preferred to travel by car whenever he visited Perth.
He claimed he survived on Hungry Jack's dinners and showers at local gyms and libraries.
The miner stated that he had the confidence to pay a $50,000 deposit on a property in July of last year because he was confident he would not deplete his savings. Rather than that, he had amassed a fortune in his cryptocurrency wallets.
He resigned from his job this week and has no immediate plans to return.
Tommy Honan, Head of Corporate Partnerships at Australian cryptocurrency exchange Swyftx, stated that Max's windfall would be "virtually impossible" to replicate on a more traditional stock market with such a small starting investment.
"We frequently see individuals make significant gains in crypto, despite making smaller initial investments," he told news.com.au.
"It's the same as any other investment; it's extremely market-dependent and market-driven, except for the obvious increase in volatility."
He did, however, issue a warning, stating that there was significant "risk" involved.
"It is not uncommon for them coins to move 60% in a single day; that is not possible in equity trading," he explained.
He does not simply mean moving upward; he also means decreasing in value.
A recent survey of Australian Swyftx traders discovered that 76% earned an average profit of $10,662 over an 18-month period.
A further 17% had profited from cryptocurrency to the tune of more than $20,000.
The cryptocurrency market is notoriously volatile, and the Reserve Bank of Australia warned investors late last month that they risk holding speculative assets with "niche" applications that may lose the majority of their value...
#cryptopirates #bitcoin #ethereum #altcoins #solana #shibainu #swyftx
PayPal Donation: [ Ссылка ]
BlockFi: [ Ссылка ]
Borrow cash, and buy or sell crypto. There are no hidden fees, no minimum balances, and no reason to wait.
CoinSport: [ Ссылка ]
Buy, Sell & Swap Cryptocurrency
The easiest way to buy Bitcoin (BTC) and a whole world of other digital currencies.
