A CRYPTOCURRENCY trader has revealed a $2,000 investment swelled to $1million, allowing him to buy his dream home.
Terrance J Leonard said his initial outlay came after a colleague explained the ins and outs of cryptocurrency to him over lunch – and within two years he’s turned that investment into a life-changing sum.
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The former Navy officer, who now works as a software engineer and lives in Washington D.C, admitted that at first he thought cryptocurrency markets were the “Wild West”.
But he told Newsweek: “Soon, I began to see the value of the coins I had bought going up.”
Leonard explained that in March 2020 “there were a series of days where I was refreshing the app that I use to track my investments and I was seeing the value of my coins skyrocket”.
He described it as “super exciting and stressful”, but in April this year his investments hit $1million
It was then that he was able to buy the house of his dreams by selling $50,000 of his cryptocurrency as a down payment on the $650,000 property.
In the US, it’s hard to finder a seller willing to accept Bitcoin, so anyone hoping to use their crypto earnings would also have to cash out.
In the UK, most lenders won’t let you use crypto as a source of a deposit and it won’t count as income so you can’t use it to increase the value of the home you want to buy.
He described the house as a four-bedroom, three-bathroom split colonial property in southeast Washington D.C with a garage, great back yard and plenty of room for his dog.
“Being able to get this house is huge,” he said.
“As soon as I saw it, I wanted to put an offer in. Investing in cryptocurrency has changed my life tremendously because it has helped me achieve that.
“Now, I am able to have an incredible home and the life comforts I want.”
Leonard doesn’t specify which cryptocurrencies he has invested in but “I don’t invest heavily into Bitcoin” which he sees as “being what MySpace was to social media”.
“Instead I choose to invest in cryptocurrencies that I think will have real world value and that are environmentally friendly,” he said.
Recent weeks have seen stories of investors who have seen small outlays turning into big returns – as well as regrets of those who cashed in too early or lost out in scams.
5 risks of crypto investments
BELOW we round up five risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
A former supermarket warehouse manager named Rob has been able to retire at the age of 35, after making a risky $8,000 bet on Shiba Inu.
But another trader has been left gutted after he lost out on a $6million fortune by selling Dogecoin a day too early.
Another revealed he woke up to find he had lost nearly $500,000 on a cryptocurrency scam.
Brian Nyugen admitted he had become a victim after the developers of AnubisDAO – another dog themed cryptocurrency like Shiba Inu – allegedly made off with $60 million of investors’ cash.
Shiba Inu is one of the most popular cryptos – with the price skyrocketing in value since its inception last year.
Investors are in meltdown after the cryptocurrency’s founder sent a mysterious tweet to Kanye West.
Shytoshi Kusama caused a stir when he wrote: “Good choice @kanyewest.”
World’s 1st ‘crypto HAMSTER’ makes Bitcoin trades on Twitch
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