At first, this 24-year-old trader lost all his money in cryptocurrency. Then he tried again and now he’s rolling in cash.
A Sydney sider made a whopping $ 50,000 off crypto after buying the up and coming coins on a whim four years ago while getting drunk with his pals.
Josh Ng, 24, has paid back his investment five times since throwing around $ 12,000 in what was then the experimental currency.
In an interview with the podcast “I’ve Got News For You” from news.com.au, the young construction worker said that not everything went smoothly.
He lost all of his money in a matter of hours and was put off by crypto for years before re-entering the market.
In 2017 Josh said he was at an Airbnb in Tokyo with his friends, had a few drinks inside, when they started talking about Bitcoin and Ethereum, the two largest blockchains.
“We heard a lot of hype about the cryptocurrency fad. And that’s why we’re thinking about investing in it, ”Josh told podcast host Andrew Bucklow.
“My buddy was talking to one of his buddies, a financial advisor or something, and this guy said, ‘Oh, it can’t fail. Like it’s doing the next big thing. Invest now, you can get rich ”.
“Well, without doing any research, one evening… we pumped in a lot of money, just leaned back and then went to bed.
“The next morning just a massive crash, equal to 30 percent of the market, which was incredibly uncomfortable for us.”
It got worse for Josh. The price continued to slide to around AUD 100 and was hard to get out of your pocket.
Josh put a total of $ 3,000 into the failed venture, which he thought was a lot of money for someone straight out of high school.
The tradie lived on for the next two years and didn’t even want to think about crypto.
“I was pretty wrong the two years in between. I was just dead. I said, ‘Crypto will never become anything’. ”
Josh might be done with crypto, however, but crypto wasn’t done with him.
“And then all of a sudden you hear on the news again that crypto is coming back,” he recalled.
One of his pals said it was time to buy while it was “down”.
Initially suspicious that this would end in disaster like last time, Josh decided to do his own research this time.
He could see that “crypto had returned to its original value when we wagered it”. [our money] in and I thought, ‘Oh, well, maybe something is going on here … why don’t we make a crack on round two?’
But he got into the cryptocurrency market much more cautiously.
“I was a little more careful when entering,” he admitted.
“[I] Typed in kind of methodical and finally got to a point where I could input various coins that I knew more about with a lot more confidence instead of throwing everything into Ethereum, for example.
He put about $ 10,000 to $ 12,000 in the digital coins and that has now grown to $ 50,000.
Josh jokingly said that he was “not smart enough to day trading” and that he was pretty much leaving the money and gaining momentum.
“I wasn’t really investing more money, just watching it grow and then taking profits and investing in other coins,” he added.
His main piece of advice for anyone looking to invest in crypto is “don’t listen to your heart”.
“I’ve been devastated by this very few times, just jump in at what my pals tell me,” he said.
“Any Joe Blow on the street can tell you that this customer will be the next Bitcoin.”
He also advised people to “do your research” – advice he ignored when he made his first investment.
Listen to the full episode of Crypto For Dummies here.
Read related topics:CryptocurrencySydney