A self-confessed ‘computer nerd’ who quit his job and became a Bitcoin millionaire says recent price collapses are ‘normal’, and believes now is the time to buy up big.
Andrew ‘Nuggets’ Saunders first entered the cryptocurrency market in 2012, buying Bitcoin when it cost far less than $100 and cashing in on Ethereum two years later.
The 30-year-old’s portfolio has grown by more than 1000 per cent since, resulting in him quitting his job to focus on trading cryptocurrency and providing tips online.
Despite the price of Bitcoin dropping to as low as AUD$7,000 last week, Mr Saunders told Daily Mail Australia he has faith the market will rise again – but said new investors keen to strike it rich could do well to look outside the box.
Alex Saunders (pictured), a self-confessed ‘computer nerd’ who became a Bitcoin millionaire, says recent price collapses are ‘normal’ and believes now is the perfect time to buy up big
The 30-year-old’s cryptocurrency portfolio has grown by more than 1000 per cent since 2012 and he now trades and provides advice on Bitcoin full-time
‘I got into Bitcoin when it was well below $100, then Ethereum when it launched two years ago and today my portfolio is up 100 per cent on what I invested,’ Mr Saunders said.
‘I studied pharmacy at uni and was always a bit of a computer nerd, so straight away I knew this was the perfect thing for me – digital money.
‘From 2013 I was annoying friends and family to try and get them involved in Bitcoin, but not many people were interested because the price wasn’t doing much.
‘Most people saw it as something from the dark web and it had a bad reputation, but I saw the good it could bring. Now I’ve got 100,000 followers across social media.’
Since launching his ‘Nuggets News’ YouTube page eight months ago, Mr Saunders has seen it swell with more than 30,000 followers eager for his weekly videos.
The popularity of his page, which he fills with advice and analysis for both the basic and more advanced investors, even led to him doing a national tour in January.
Mr Saunders has more than 100,000 followers on social media and provides weekly videos on his YouTube page, targeted at everyone from beginners to experts
‘Every year I’ve been investing in Bitcoin there’s been a 50 to 90 per cent correction… it’s all a part of investing in markets in their infancy,’ Mr Saunders (left) said
After rising to as high as AUD$23,000 in late-2017, the price of one Bitcoin dropped to as low as AUD$7,000 just last week, leaving many investors fearing a major crash.
But instead of being worried about such volatility Mr Saunders claims it provides an opportunity for everyday investors to get onboard, even if not with Bitcoin.
‘Every year I’ve been investing in Bitcoin there’s been a 50 to 90 per cent correction, it’s the most volatile market on the planet, but that provides opportunity,’ he said.
‘It’s all part of investing in markets in their infancy. For those who are thinking about investing, I think Bitcoin is the first step that everyone takes.
After rising to as high as AUD$23,000 in late-2017, the price of one Bitcoin dropped to as low as AUD$7,000 just last week
Mr Saunders said he enjoys that everyday investors have cashed in on cryptocurrency markets before investors
‘But I’d also encourage a lot of people to look at Ethereum or a number of Australian projects we believe are good.
‘Those first few years the price didn’t do much… but there’s a number of people who put in the hard yards for a few years without reward who are çashing in now.
‘The best thing I think is that you’ve seen everyday Australians take a seat at the table before institutionalised investors and become millionaires.’