Student Covers University Debt With Crypto Gains
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Thomas Bloor, a chemical engineering student at UCL, paid off his student overdrafts by investing in Bitcoin. He turned £3,500 into £30,000 in nine months without any real effort.
How He Began
Bloor always wanted to get into investment banking as a career, and decided that he would start his own investment portfolio while studying for his degree. He said that he had always heard that Bitcoin was a risky investment so he decided to research it and find out for himself.
He knew that bull markets were an uptrend in an asset and he knew how Bitcoin had risen dramatically in the last one in 2017. Therefore, when the Stock Market crashed in March last year, bringing the Cryptocurrency market down with it, Bloor recognised a buying opportunity.
He says he specifically remembers investing on the 23rd of March because that is the anniversary of the death of his twin brother. He knew that his brother would always have told him to “give it a go”. Given the recovery in the Bitcoin price, the halving that followed in May, and the fact that institutions were starting to invest, he believes he got in at the perfect time.
Bloor’s Thoughts On Cryptocurrency Investing
The uni student thinks that it’s not difficult to stay up to date with what is happening in the Crypto space as it doesn’t take lots of skill or know-how. He does acknowledge that investing in Bitcoin and other Cryptocurrencies is a risk, but his view is that Bitcoin is similar to gold in its scarcity and high value.
He also believes that the risks are now smaller given the high degree of investment into the space over the last five years.
Bloor is also interested in Ethereum, and sees it as having an even bigger potential for returns than Bitcoin. Given its smaller market cap and the imminent release of Ethereum 2.0, Bloor saw this as another great opportunity.
He plans to put his gains into a stable coin and then into DeFi yield farming, where he hopes to get a return of around 30% a year.
Advice To Potential Investors
Bloor remarks that there is a lot of negative press on Cryptocurrencies and that those wishing to invest need to first do their own due diligence and research. Only then can they form their own opinions. He says it’s also up to each person to decide which is the best information to read or listen to.
Bloor does give his views on which Crypto investment platform to invest in, and his main take-away for investors is that the rewards in interest are such that no traditional bank could offer anything comparable.