Wednesday, 21 March 2018

This 24-year-old quit his job after making a fortune in bitcoin and other cryptocurrencies — here’s how he did it

kingsley advani bitcoin millionaire 1

Courtesy of Kingsley

  • Kingsley Advani is a cryptocurrency millionaire at age
  • He invested $34,000 and turned it into low seven
    figures in six months.
  • The 24-year-old quit his job last fall and now travels
    the world as a startup advisor and angel investor.


In the summer of 2017, 24-year-old Kingsley Advani sold his
worldly possessions — a laptop and headphones — and emptied
thousands of dollars from his bank account.

After seeing the once-in-a-lifetime returns that bitcoin has
he wanted in
. Advani invested $34,000 in cryptocurrencies
like bitcoin and startups working on related technologies, and he
watched his net worth balloon to low seven figures in six months.

At an age when many people are trying to climb up the career
ladder, Advani works as an advisor to cryptocurrency startups
with a $0 salary. He travels between London, New York, and San
Francisco, taking meetings and scouting startups working on what
may be the next great blockchain technology.

“I think at no point in human history have people in their
twenties had such an opportunity to invest in such high-growth
assets,” Advani told Business Insider.

Created in 2008, bitcoin is a payment system that allows
people to buy things and send money with anonymity. There are no
banks or middlemen. Transactions are recorded on a digital ledger
called a blockchain, which stores the information with full

It was the blockchain that first excited Advani about

In 2012, a friend introduced Advani to bitcoin, which at the time
was largely used for buying and selling illegal drugs online.
Advani saw the full potential of the technology.

“It’s like a rebellion to traditional finance,” Advani said. He
believes its creation in 2008 — at the height of the worst
financial crisis since the Great Depression — was no
coincidence. “You don’t need centralized banks to send
money, you have these great pieces of tech send money for you
through cryptography. So unlike banks, it’s faster, cheaper, and
more secure,” he said.

Advani started reading white papers on cryptocurrencies and
watching the market more closely last summer. He decided he would
not miss a second chance to take part. He invested all of his
savings and part of his income from his job as a data scientist
at a small software company.

“Every month I was waiting for that paycheck and I put it
straight in,” Advani said.

So far, his gamble has paid off. When Advani invested in bitcoin,
it was worth about $4,000 per coin. As of February 1, the
cryptocurrency has doubled in value. At its peak, Advani’s
investment had grown to low seven figures, though it fluctuates
with the swing of the market.

He quit his software gig in October and now travels the world as
an advisor and angel investor. Advani invests mostly in startups
spun out of top universities, like Stanford, Cornell, and
Massachusetts Institute of Technology, that are working on
high-speed blockchain technology.

kingsley advani bitcoin millionaire 2Courtesy of Kingsley Advani

The 24-year-old is currently crashing on a bunk bed in a San
Francisco hacker
house for young cryptocurrency entrepreneurs
 and plans
to move to the city full-time.

Advani said he doesn’t drink or party; instead, he spends
most of his free time meditating and reading cryptocurrency
research online. During our interview, he whipped out his phone
to share data from Headspace,
a meditation app. He hasn’t missed a session in over 400 days.

“I’ve decided to optimize time in front of the computer, because
it’s so easy to get distracted. I order all my food online to the
door. I don’t spend any time grocery shopping because I think
it’s a waste of time,” Advani said. He added, “I try to live in a
‘bunker’ as much as possible.”

He believes the key to his success has been limiting the number
of things he focuses on. He doesn’t read every news story on the
value of bitcoin or pay close attention to its rise and fall.

Instead, Advani reads the latest research on the underlying
technology and possibilities of cryptocurrencies, and tries to
map where they’re headed. He doesn’t recommend investing in
cryptocurrencies for everyone, unless they’re willing to dig into
the white papers like he has.

“Only put in what you can afford to lose,” Advani said.

Disclosure: The author owns small amounts of bitcoin and

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