A TECH savvy Aussie has vowed to gift his family cryptocurrency for Christmas after generating thousands of virtual dough online.
Jonny Rottcher-Dalton only started investing in popular crypto in the last three months, but now he wants to use his winnings to spread some festive cheer.
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Speaking to news.au, the 24-year-old, who is studying mechanical engineering, explained that he invested an initial £16,000 into popular crytocoin such as bitcoin and etherum,
And now the student says he has been overjoyed with his returns worth an estimated £5,000 – amid speculation that the price of cryptocurrency has been surging and could soon reach £1.
He explained: “I was in stocks for a while, probably about a year, and they made no where near as much cash as the crypto, the reward wasn’t as good.”
“I feel like the volatility of stocks was a lot greater compared to bitcoin for instance and your alt coins fluctuate a little bit.”
But Jonny said it hasn’t put him off as he already has plans to share his crypto funds around and give back to his nearest and dearest.
“I love giving gifts,” the gleeful trader told news.au.
“My housemate (for example) loves NBA and he got me onto the NBA top shop so I bought a few of those and intend to give him some of those for Christmas.
“I also plan on giving some friends some coins like solana, something small that will grow and be useful in future and maybe some crypto merch.”
According to new research, Jonny is not alone, as more than a quarter of Aussies are planning to buy crypto gifts for loved ones at Christmas this year.
Data from Crypto.com, also suggested that that around 42 per cent of Australians were considering coin vouchers and 35 per cent crypto books for Christmas gifts.
And amid more than a year of draconian covid lockdowns – many have been even stipulated that they will be shopping online – using the likes of cryptocoin to buy and pay for presents.
The risks of buying with cryptocurrencies
Investing and making a purchase in cryptocurrencies such as Bitcoin is risky .
Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.
Investing in cryptocurrencies is not a guaranteed way to make money.
You should also think carefully about making purchases with a cryptocurrency.
For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis.
The price of a Bitcoin was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later.
That’s a 15% drop.
These price swings are risky for a business as you could sell an item for a Bitcoin at one price and the value may drop soon after, leaving you with less money from a sale.
Similarly, the price of Bitcoin has soared by more than 21% since the start of this week so it can be hard for a shopper to get an accurate idea of the price of an item if its value changes on a daily basis.
However, buying any cryptocurrency is incredibly risky.
With any investment, there is a risk that the value of your money could go down as well as up. That means you should only invest money you can afford to lose.
Crypto can be riskier than other investments because they are volatile and speculative – their price often rising and falls very quickly, sometimes seemingly for not reason.
Many cryptocurrencies have a short track record, making them difficult to understand and predict.
This type of investment is also not protected by the regulator which means you have no protection if things go wrong.
The UK regulator has warned that Brits risk losing ALL of their money if they invest in cryptocurrencies.
If you are considering investing in any type of crypto, do your research first and only invest money you can afford to lose.
Be wary of scams, too, as the crypto market is often a target for fraud.
Look out for fake celebrity endorsements or social media profiles pushing certain coins.
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14- and 9-year-old siblings earned $160,000 in 7 months mining cryptocurrency
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