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: Darragh Grove White, a Canadian marketing technologist, is on the leading edge. But, he took some hard hits.
“I made many mistakes. 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. According to his account, he has made a complete turnaround since Quadriga’s loss. 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.
“I have had a few that have done really well and even fewer that I knew would do really well,” he said.
The largest loss was caused by a token that was right in its idea (blockchain financing), but was wrong at the wrong time. His greatest win was his lucky guess as to which solution to Ethereum’s speed issues would be most popular with users.
Context: While he only got into crypto in 2018 (a bear market year), he had some advantages. He is a lot more technical than the average person, given his day job.
It has worked in his favor. He explained, “I’m just super curiosity.” In crypto, it’s not enough just to read and watch charts. A person needs to get in to understand it, he contends.
Be smart: He has been in the business for four years and sees new people arrive in waves. You can spot the new investors on Twitter and Discord — they are always looking to make a quick buck.
He said, “This latest cohort of noobs was their on-ramp the Wall Street Bets experience.” “A lot of the n00bs go for meme coins. They make it seem a joke to invest in meme coins.
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