Today, we are talking to a reader who has made a fortune through crypto investing. However, there have been some stomach-churning reversals.
Why it matters: Cryptocurrency is often referred to as a democratizing opportunity. However, regular people rarely see stories of non-professionals placing wagers in the space. Here is one.
Details: Canadian marketing technologist Darragh Grove-White is ahead, but not without taking some painful hits.
“I made a lot of mistakes, for sure. I’ve had crypto exchanges take my money,” he tells Axios.
He was among many Canadians who lost their luck when Gerald Cotten, the founder of QuadrigaCX, died (?). in India.
State of play: Grove-White is one of the fortunate ones. By his account, since the Quadriga loss he’s turned around. He’s up around 11x on his principal, though there have been wild oscillations in that number recently.
Axios has verified the success of his portfolio.
The scoreboard: He has invested in over 180 coins, his first three purchases being bitcoin, Monero (a privacy coin — that trade is still down) and Verge, a coin with salacious affiliations.
He said, “I’ve had some that did really well and even less that I thought would do well.”
The largest loss was caused by a token that was right in its idea (blockchain financing), but was wrong at the wrong time. His biggest win was a lucky guess about which solution to fix Ethereum’s speed problems would click with users first.
Context: Although he only became interested in crypto during the bear market year of 2018, he did have some advantages. Given his day job, he’s considerably more technically sophisticated than most people.
That has worked to his advantage. “I’m just super curious,” he explained. It’s not enough to just read charts in crypto. A person needs to get in to understand it, he contends.
Be smart: Having been in for four years, he sees new arrivals come in waves. The new investors are easy to spot on Twitter and in the Discord channels — they are always looking for the quick buck.
“This most recent cohort of noobs, their on-ramp was the Wall Street Bets experience,” he said. “A lot of the n00bs go for meme coins. They make it seem a joke to invest in meme coins.
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