This former refugee is living the Aussie dream on bitcoin and gold, he says you can too
Bitcoin was a libertarian idea to free people from big finance. It's now part of big finance, but still has stories of individual success.
Tung Nguyen isn't your average Livewire investor. A Vietnamese boat refugee, he's self-made, self taught, and possesses no investment qualifications.
He also turns 50 this year and has made so much moolah investing he plans to retire and travel the world with his wife, now the kids are (just about) grown up.
You could say he's living the Australian dream. Work, save and invest, is his recipe for success. The ingredients are big bets on gold, bitcoin, and other cryptocurrencies from around 2014.
This unusual route to wealth creation is actually becoming more mainstream in Australia.
So, Livewire sat down with Nguyen to hear his story, from arriving in Australia aged three as a boat refugee, to school, university, work, and an investing obsession.
Tung talks
The video traverses topics on gold, bitcoin, markets and stocks. Nguyen also discusses ownership methods for bitcoin including via cold storage, exchanges, or exchange traded funds.
"For people who want to be sovereign citizens...you can still hold it in cold storage," says Nguyen. "But just holding it in ETF form is perfectly fine and it partly comes down to your reasons for owning it."
We also talk about what might push bitcoin prices higher into the future with money printing, debt, and fiscal largesse on the agenda.
Nguyen also offers his view on whether bitcoin works as the future of money, as envisaged by its founder Satoshi Nakamoto, or whether it's really just a store of value.
And given Donald Trump loves crypto - is he draining, or flooding, the swamp in Washington?
"Any leader of any nation, if they want their economy to grow and thrive actually has to invest in new technology," says Nguyen.
How high can bitcoin go?
Nguyen also reckons bitcoin could reach a similar market value to gold one day. That means its price could still rocket more than 10-fold from around $US107, 000 today to more than $US1 million in the future.
While this all sounds well and good, please remember bitcoin is highly speculative and carries significant risk of capital losses. So don't lose your shirt on it, and remember this video is not to be taken as investment advice.
On the contrary, it's far from conventional investment advice, but worth watching.
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Tom covered markets as a Markets Reporter & Commentator at the Australian Financial Review for nearly five years. Prior to that he was the Managing Editor of The Motley Fool Australia leading a team of around 20 investment writers during a five-year period of massive online growth. Before that Tom worked in equities management at the Bank of New York Mellon in London and as a holder of professional investment qualification the Investment Management Certificate is eligible for membership of the CFA Society of the UK.
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Please note Tom Richardson may have a financial interest in bitcoin and any other security or asset class mentioned in this wire. Tung Nguyen may have a financial interest in bitcoin or any other security or asset class mentioned in this video. This video is not to be taken as investment advice in any way.
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Tom covered markets as a Markets Reporter & Commentator at the Australian Financial Review for nearly five years. Prior to that he was the Managing Editor of The Motley Fool Australia leading a team of around 20 investment writers during a...
Tom covered markets as a Markets Reporter & Commentator at the Australian Financial Review for nearly five years. Prior to that he was the Managing Editor of The Motley Fool Australia leading a team of around 20 investment writers during a...
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