By investing in Bitcoin, Thomas Bloor, a chemical engineering student at UCL, paid off his student overdrafts. Without any real effort, he converted £3,500 into £30,000 in nine months.
How He Started
Bloor still wanted to get into investment banking as a profession, and decided that while studying for his degree, he would start his own investment portfolio. He said he had always heard that Bitcoin was a dangerous investment, so he wanted to explore it and find out for himself.
He knew that an asset upward trend was in bull markets, and he knew how Bitcoin had increased significantly in the last one in 2017. Therefore, when the stock market collapsed last year in March, taking down the cryptocurrency market with it, a buying opportunity was recognized by Bloor.
He says he clearly recalls investing on March 23rd because that’s the anniversary of his twin brother’s death. He knew that his brother would always have told him to “give it a go”. He claims that he got in at the right moment, considering the recovery in the Bitcoin price, the halving that followed in May, and the fact that institutions were beginning to invest.
Thoughts from Bloor on investing in cryptocurrencies
The university student thinks it’s not hard to keep up-to-date with what’s going on in the Crypto space because it doesn’t take a lot of expertise or know-how. He admits that investing in Bitcoin and other cryptocurrencies is a gamble, but he claims that Bitcoin, in its scarcity and high value, is comparable to gold.
He also thinks that, considering the high level of investment in space over the last five years, the risks are now lower.
Bloor is interested in Ethereum as well, and sees it as having a far greater return opportunity than Bitcoin. Bloor saw this as another great opportunity, considering its smaller market cap and the upcoming release of Ethereum 2.0.
He plans to put his income into a stable coin and then into DeFi yield farming, where he aims to earn an annual return of about 30%.
Advice for potential investors
Bloor states that cryptocurrencies have a lot of negative press on them and that those who want to invest need to do their own due diligence and study first. Only then will they form opinions of their own. He says it’s also up to each person to determine which information to read or listen to is the best.
Bloor offers his views on where to invest in the Crypto investment platform, and his key take-away for investors is that the interest incentives are such that no conventional bank could deliver anything comparable.