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25-Year-Old Becomes A Millionaire By Investing In Cryptocurrency

The 25-year-old Cooper Turley began to invest in cryptocurrency in 2017 and has been able to pay for his parents’ debt since then.

Source: CNBC

Turley purchased both Bitcoin and Ether at that time, when the former, deemed as the most precious crypto, was only trading for around $2,000, per CoinMarketCap while the latter only worth a few hundred bucks.

Now, Turley says those early investments made him a millionaire, owning a 7-figure fortune and 90% of that was created two years ago.

Turley claims that he was uncertain whether he had made something great or not, because there are many people outperforming him in this field. Still, he expressed his gratitude.

Turley, however, did not decide to reveal the exact figure of currency he invested. He claimed that the number was actually “not much”, around a few hundred dollars as the then-student was still in college and picking up some occupations.

Picking up the cryptocurrency incidently

Source: Fortune

The first investment of the now-25 entrepreneur occurred while he was a music student at the University of Colorado Denver in 2017.

Turley discovered Ethereum blockchain’s prospect of making alterations to the music industry, as well as granting artists better authority of their own masterpieces. An example is that artists might receive sooner purchase thanks to blockchain smart contracts.

After finishing education in 2018, despite a fall in the value of both bitcoin and ether, Turley even took his crypto portfolio into more careful consideration.

Turley said that in the next two years, he invested nearly all of his money into ether even when everybody sold up all of theirs.

This was a dangerous decision, indeed. But Turley was determined, even though it is widely acknowledged that cryptocurrencies are volatile assets that should not be invested in unless people are able to cope with its loss.

Turley shared that he noticed the turning point of the ether, transforming from “speculation” to “actually building usable products”.

He was referring to the Ethereum blockchain, which was used to create different decentralized applications and assets. Two examples are DeFi and NFTs.

Digging deep into DeFi

Source: CoinCu

Turley conducted self-research to understand the underlying ethos of crypto, gathering crucial information on key factors and catching up with the most recent tendency. DeFi was that tendency.

Despite the fact that DeFi was very risky, Turley issued loans on his cryptos to receive interests and even conducted yield farming, feeling “confident” about how “healthy” his loan was.

In 2020, Turley observed the so-called “DeFi summer”, which was the highest profitable months in his profession. At that time, a “wave” of technology was generated in this space and investors were attracted by billions of dollars “locked” in DeFi applications.

From that moment, Turley has kept investing in and profitting from DeFi, together with taking up some crypto-related occupations, some that he addressed “too many things”.

Currently, the young millionaire is residing in Los Angeles and working at Audius, an application related to Ether streaming. He is also a consultant of a digital money company called Variant Fund. He reveals that he has participated into more than 50 cryptocurrency projects and funded in nearly 20 ones.

Making his own parents proud

Source: Everipedia

Turley’s parents were persuaded into crypto investing as well, thanks to their son’s success. Turley shares that they only invested around a few thousands, but he felt satisfied when they became inspired by him.

Together with the recent growth in price of ether, Turley claims that he traded for USDC – a stablecoin, sending his mother a 6-figure number on Mother’s Day. That sum paid off a large percentage of their Devon-based house in Pennsylvania.

The 25-year-old also shares that most of his student loans were paid off with at least a 5-figure profit from his investment.

“Financial freedom isn’t about paying off debt, it’s about the beginning of a period where exciting things can be done,” Turley said.

H/T: cnbc.com

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