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%.
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.