Would you live with your parents if you made billions of dollars in cryptocurrencies?
An unassuming 25-year-old Australian cryptocurrency trader Darren Nguyen has decided to hardly ever change his position and still lives with his parents. Like in shape Buidlbee, citing Australian Securities and Investments Commission (ASIC) filings, Darren’s crypto empire PO Street Capital generated massive after-tax earnings of $6 million for the fiscal year ended June 30, 2021. This was due to trading cryptocurrencies totaling approximately $2 billion over a 12-month period.
Darren’s “small” business is registered at his parents’ home in Sydney. The cryptocurrency trader himself does not comment on his earnings, however, local publications have published public documents of the company. The 2021 numbers are significantly different than the 2020 numbers, when the young cryptocurrency investor received approximately $400,000. The results documented by PO Street Capital’s auditors show a 1404.12% increase in net income in 2021. Additionally, Nguyen received $510 million in dividends from earnings that year.
In terms of expenses, public records from the ASIC show the repayment of a $760,000 loan to PO Street Capital. As of June 2021, the trading company also had $2.5 million in short-term reserves.
Darren Nguyen is now the focus of cryptocurrency investors seeking to learn his trade secrets. Compared to its over 1000% gain in 2021, Bitcoin (BTC) and Ether (ETH) are up 296% and 865% respectively in the same time frame, according to data from CoinGecko. As the bear market continues, it is unclear how this affected PO Street Capital and the crypto trader’s profits in 2022. As such, many crypto enthusiasts are eagerly awaiting the next ASIC report.
Previously, analysts explained what 2023 will look like for the flagship cryptocurrency. However, their reports are as diverse as ever: some predict a rise in the value of bitcoin to a cool $250,000, others speak of a steep drop to $5,000.
