Already a subscriber?Sydneysider Johnny Phan says booming cryptocurrency prices are leading more Australians sitting on digital asset windfalls to his start-up Vield. The business makes loans to customers against the ballooning value of their crypto holdings, amid a broad price rally that is helping risk-taking Australians such as Mr Phan get rich quick.
Mr Phan said he owned “a little bit” of frog-themed cryptocurrency pepe. It has leveraged internet subculture and social media to soar more than 7000 per cent since its launch in April last year.has gained 110 per cent to $US23.3 billion in 12 months, with rival solana rocketing 607 per cent to a $US67 billion market cap. Elsewhere, ethereum – the world’s second-largest cryptocurrency – is up 94 per cent over 12 months to a $US383 billion market value.
He first bought into the digital tokens when he turned 18 and says he worries house prices are climbing out of reach, although that isn’t his motivation for turning to crypto. Cryptocurrencies are also commonly subject to scams and wild price swings where the risk of losing all your money is high, ASIC says.
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Source: FinancialReview - 🏆 2. / 90 Read more »