A Taiwanese graduate student recently shared how he turned $6,000 into 10 million New Taiwan Dollars (NTD) within a year through cryptocurrency trading—only to experience an unexpected existential crisis.
The Crypto Journey
- Initial Investment: Started with $6,000 (~167,000 NTD) in October 2020.
Key Wins:
- 5x leveraged Bitcoin bet during Elon Musk’s "Bitcoin" Twitter bio update.
- Profited from Coinbase IPO speculation and Binance Coin (BNB) rallies.
- Earned 3 million NTD from Bored Ape Yacht Club NFTs.
- Setbacks: Lost 1 million NTD (~28,000 HKD) in March 2021, prompting a temporary exit.
- Current Strategy: 70% of profits in stablecoins (USDC) earning ~10% APY via platforms like Celsius, yielding ~60,000 NTD/month—outpacing Taiwan’s average youth salary of 40,000 NTD/month.
Success Principles
- Financial Discipline: Avoid frivolous spending to compound gains.
- Stay Informed: Track crypto news and trends diligently.
- Open-Mindedness: Even "joke" coins (e.g., meme tokens) can have value.
- HODL Mentality: Hold through volatility when fundamentals are strong.
- Risk Management: Diversify and use tools like the Kelly Criterion.
The Motivation Dilemma
The student admits his financial success left him questioning traditional pursuits like academia: "Earning more passively than my peers do actively made me lose direction."
FAQ
Q: How risky is leveraged crypto trading?
A: Extremely. While this case succeeded, 5x leverage could wipe out capital quickly during downturns.
Q: Are stablecoin yields sustainable?
A: Rates vary by platform. Celsius’ 10% isn’t guaranteed long-term—always assess platform risks.
Q: What’s the tax implication in Taiwan?
A: Crypto profits are taxable. Consult a professional to avoid penalties.
👉 Want to start crypto trading safely? Explore trusted platforms here.
This story highlights both crypto’s life-changing potential and the psychological challenges of sudden wealth. Always invest responsibly.
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