I invested $2,000 in cryptocurrency and two years later it’s worth over $1million – I’ve just bought my dream home

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.

2

2

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.

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.”

This post first appeared on thesun.co.uk