Recently, David Yaffe-Bellany, a Technology Reporter for The New York Times (NYT) spoke to crypto millionaires in several countries.

The NYT report started by talking about Etienne vantKruys, “a globe-trotting cryptocurrency investor from Amsterdam,” who was “hunting for a new investment two summers ago when he met some early backers of Luna, a digital coin that offers a framework for decentralized finance.” He was so impressed that he decided to buy $25,000 of Terra ($LUNA) for “20 to 35 cents a coin.” Currently, one $LUNA coin costs around $85.11.

The $LUNA investor said that he “recently used about $1 million of his cryptocurrency holdings to buy a house for a loved one.” He plans to HODL the rest of his $LUNA holdings:

“My idea is Luna is going to be $500 in five years. That’s the horizon we’re playing with.“

These days, he is busy with Pocket Network ($POKT), which wants to “coordinate open access to the world’s public data by empowering anyone to provide unstoppable infrastructure.”

Another person NYT talked to was 28-year-old London-based British crypto trader Cal Graham, who “invested $200,000 in a new token called LooksRare, which is part of a trading platform for the unique digital collectibles known as NFTs, or nonfungible tokens.” Two weeks later, Graham “sold all his LooksRare holdings less than two weeks later, walking away with nearly $500,000 in profits.”

Apparently, Graham “became a crypto millionaire through his investment in Ether, the second-most-valuable digital currency behind Bitcoin,” and he “said he had made at least $1 million more by trading lesser-known currencies like LooksRare.” The former human resources officer told NYT that he was “semiretired,” and that his daily routine “often consists of several hours of intensive tweeting (he doles out market analysis to his 90,000 followers), boxing practice at the local gym and movies in the evening.” Graham plans to eventually invest his gains from $LOOKS into the crypto market.

The NYT report pointed out that “a sudden conversion of a large amount of cryptocurrency can also be dangerous, causing the price of the coin to collapse as it’s turned into dollars”

Adrian Zdunczyk, who is “a former musician who trades digital currencies full time from his home in Warsaw”, told them:

“You cannot ever just get all out, or get your money out with immediate effect. You’d just dampen the market or crush the market. It doesn’t work in your favor.“

The 28-year-old Polish crypto trader said that he had “made several million dollars from his crypto investments, more than half from obscure coins,” such as the time he “recorded profits of $150,000 in two days after buying e-Radix, a token for DeFi projects.” Zdunczyk mentioned that “to avoid a drop in prices, he has learned to withdraw only a small portion of his profits at a time, while keeping the rest in the crypto market.”

Zdunczyk has “used some of his new income to help his parents pay off their debts,” and he has “donated $15,000 to a parrot sanctuary in Arizona.” He is investing some of his profits into less risky investments, such as real estate and gold.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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