When Terrance Leonard first started seriously investing in the cryptocurrency space in 2019, his original goal was to achieve financial independence.
But then his ideal home came on the market. Leonard, who works as a software engineer in Washington, D.C., already owned a row-home. But he wanted a home with a larger yard for his dog to play in and a garage.
To afford the $650,000 home, Leonard opted to use his cryptocurrency investments to cover a down payment and as proof of funds for the mortgage he took out to buy the home — he opted for a mortgage, rather than buying the home outright, because of the low interest-rate environment.
The process, as he would find out, wasn’t as simple as transferring his cryptocurrency holdings to the relevant parties.
Around two years ago, Leonard went all-in on crypto, taking a big bet on the relatively new asset class.
So what was that strategy? To take a long-term approach and target coins that are well-positioned for longevity. That means no meme coins, like Dogecoin DOGEUSD, -17.81%.
Instead, Leonard likes to think of the crypto market as being in a similar position as the dot-com boom was in the 1990s, before the bust.
“I’m looking for the Googles GOOGL, +0.62% the HPs HPE, +0.67%, the Oracles ORCL, +0.83% ” he said.