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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

How This 25-Year-Old Traded $2 Billion In Crypto From His Parents’ Home

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
Crypto Wolf of Wall Street Advises Crypto Investors To Hang On To Bitcoin And Ethereum

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Created by industry experts and meticulously reviewed
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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Per public filings with the Australian Securities and Investment Commission, a 25-year-old registered a million-dollar-worth trading company at his parents’ house. According to a report, the company successfully traded over $2 billion in Bitcoin and other cryptocurrencies.

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The trading desk is PO Street Capital, and its founder Darren Nguyen lives in an Australian suburb. The report claims that Nguyen and his company tried to keep a low profile and avoided attracting attention over the past two years.

However, public records were discovered by journalists showcasing a $7 million profit in 2021 and a 1,400% profit when compared with 2020. The trading desk then scored a $460,000 profit as the crypto bear cycle ended.

Crypto Trader Scores Record Profit In 2021 Bull Market

In late 2020, Bitcoin revisited its previous all-time high at $20,000. In subsequent months, the cryptocurrency went on a massive bull run.

By February 2021, the Bitcoin price was trading at $30,000 before moving upward and reaching a new all-time high north of $60,000. As the cryptocurrency doubled in price, the small Australian trading desk saw its profits swell.

As BTC’s price traded to the upside, other cryptocurrencies saw similar or higher profits. The second crypto by market capitalization, Ethereum, rose from under $100 to an all-time high of $4,500.

The report claims that PO Street Capital disclosed its performance with the Australian regulator in 2022. However, there is no record of its current profits or trading activity.

With the Bitcoin and Ethereum price trending to the downside, an unfavorable macroeconomic condition, high inflation, and an overall downside trend in risk-on assets, PO Street Capital might have seen its profits dwindle.

These conditions have led to the downfall of major companies in the nascent sector. From once-a-billion dollar hedge fund Three Arrows Capital (3AC) and the second largest crypto exchange in the world, FTX, prominent companies have had to halt operations or declare bankruptcy protection.

Bitcoin BTC BTCUSDT Crypto
BTC’s price moving sideways on the daily chart. Source: BTCUSDT Tradingview

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Bitcoin Price Plays Catch-Up With Altcoins, Why $28,000 Is A Key Level

1 year ago

As of this writing, Bitcoin trades at $16,900 with a 2% profit in the last 24 hours. Other cryptocurrencies in the crypto top 10 by market cap record similar profits and seem poised for further appreciation.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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