fbpx
QQQ
-2.71
348.05
-0.78%
DIA
-5.86
344.51
-1.73%
SPY
-7.07
429.04
-1.68%
TLT
+ 2.69
140.35
+ 1.88%
GLD
-0.87
166.72
-0.52%

Crypto Gains Bought A House For Washington Engineer Who Bet On Chainlink And Avoided Dogecoin Like The Plague

April 30, 2021 3:57 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Crypto Gains Bought A House For Washington Engineer Who Bet On Chainlink And Avoided Dogecoin Like The Plague

A software engineer is crediting cryptocurrency investments for helping him purchase his dream home, but his strategy did not involve buying meme cryptocurrencies such as Dogecoin (DOGE), MarketWatch reported.

What Happened: Terrance Leonard started investing in cryptocurrencies in 2019 with the goal of achieving financial independence, according to MarketWatch.

Leonard reportedly could not resist putting a downpayment on his dream home as he wanted a garage and a yard for his dog.

Rewind to two years ago, as per the Washinton D.C.-based engineer, he sold all his stocks, his 401 (k), and other assets and moved the proceeds into cryptocurrency.

Leonard approached the investment keeping longevity in his crosshairs. This ruled out Dogecoin (DOGE) for him as an investment.

See Also: How to Buy Dogecoin (DOGE)

Instead, his choice was Bitcoin (BTC) and Ethereum (ETH), but the bulk of his investments were in Chainlink (LINK).

“Without investing in crypto there would have been no way that I would have been able to buy this [house] at the time when it came on the market,” said Leonard, according to MarketWatch.

Why It Matters: Assuming Leonard made his investments at the beginning of 2019, LINK would have returned him 12,774%, while DOGE would have returned 15,186%.

See Also: Dogecoin Co-Creator Says Meme Crypto Has Been 'One Of The Most Secure Coins' For Years

At press time, LINK traded 4.2% higher at $37.12, while DOGE traded 1.36% lower at $0.31.The apex cryptocurrency Bitcoin (BTC) traded 0.06% lower at $54,222.33.

Leonard is of the view that the cryptocurrency market is in a state similar to the dot-com boom of the 1990s, before the bust, reported MarketWatch.

His choice of cryptocurrencies is thus based on picking future survivors akin to Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) subsidiary Google, Hewlett Packard Enterprise Co (NYSE:HPE),  and Oracle Corporation (NASDAQ:ORCL) as he explained: “I’m looking for the Googles, the HPs, the Oracles.”

However, in order to purchase the house he had to liquidate his cryptocurrency holdings in cash to satisfy his lender, according to MarketWatch.

Read Next: Doge To The Moon? Mark Cuban Says $1 'Will Definitely' Happen If Mavericks Fans Keep Rolling

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.


Related Articles

Decentralized Hacker Group Anonymous Targets Elon Musk Alleging His Crypto Tweets 'Destroyed Lives'

What Happened: Decentralized hacker group Anonymous, known for its cyber-attacks against several governments and corporations, appears to have targeted Tesla Inc (NASDAQ: TSLA) CEO Elon Musk, according to a read more

Does Dogecoin Have A 'CEO?' Here's What You Should Know

Dogecoin (DOGE) has a new “CEO” — or does it now? The Shiba Inu-themed cryptocurrency’s co-creator Billy Markus stirred interest in the non-existent executive through a social media post. read more

Internet Computer (ICP) Crypto Spikes 45% As Bitcoin Finds Way Back Above $40,000

Decentralized project Internet Computer’s (ICP) token rallied over 45% in the 24 hours leading up to press time as the apex cryptocurrency Bitcoin (BTC) found its way back above the psychologically important $40,000 level post-carnag read more

Amid Dogecoin and Shiba Inu Hype, Internet Computer (ICP) Launches With Aim To Decentralize The Web

The token of a decentralized project that calls itself “Internet Computer” has taken the sixth spot in terms of market capitalization on the list arranged by CoinMarketCap. What Happened: Internet Computer (ICP) — the token of a cloud-computing project initially built by DFINITY, which aims to displace tech giants — traded at $451.50. read more