Brisbane Man's Crypto Bet Enables Him to Buy Home Mortgage-Free
Categories: Crypto News US
Brisbane Man's Crypto Bet Enables Him to Buy Home Mortgage-Free
In less than a decade, Brisbane IT specialist Joe Bridges turned a small home-grown crypto mining hobby into a $1.2 million profit, helping him buy a house complete with two motorcycles and a pair of boats. Bridges, now 38, was a law student living at home in 2013, when he installed mining software on three computers and used 10 graphics cards to generate Litecoin and Dogecoin.
Although the electricity bill at his parents' home in Paddington, in the interior west of Brisbane, exceeded $600 per month, Bridges mined enough $LTC and $DOGE to trade for "more than a dozen" bitcoins. . He remained on BTC until 2017 when the price started rising, then invested some of his money on motorbikes and boats.
No longer active as a crypto investor, Bridge has cautionary advice for anyone thinking of buying the current dip in bitcoin’s price. “I think it’s a dangerous time to be getting into it,” he told ABC News last week. “I would imagine it’s possible [to still make money], though. [But] would I recommend it? No. I’m not currently participating.”
More than a million Australians now own some form of cryptocurrency, according to a Roy Morgan survey conducted in February this year. However, chances are that none of them will ever get as lucky as Australian NFT collector Steve Morlando, who in May was able to turn US$300 into a whopping.US$5 million when he bought a rare rugged ape that was worth 0.01 percent of its then value. Like Joe Bridges, Morlando plans to hang on to his investments "for a minimum of 10 years."