This 25-year-old boy traded $2B in crypto from his parents’ house

According to the Australian Securities and Investments Commission, a 25-year-old man has registered a million-dollar trading company in his parents’ home. According to reports, the company has successfully traded more than $2 billion in Bitcoin and other cryptocurrencies.

Trading Desk is a PO Street capital, and its founder, Darren Nguyen, lives in the Australian suburbs. The report says Nguyen and his company have tried to keep a low profile and avoid attracting attention over the past two years.

However, public records were found by journalists showing a $7 million profit in 2021 and a 1,400% profit compared to 2020. The trading desk subsequently posted a profit of $460,000 as the crypto bear cycle ended.

Crypto trader signs profit in 2021 bull market

In the year At the end of 2020, Bitcoin revisited its previous all-time high of $20,000. In the following months, the cryptocurrency went on a huge bull run.

In February 2021, the price of Bitcoin was trading at $30,000 before moving upwards and reaching an uncharted high north of $60,000. As the cryptocurrency doubled in value, the small Australian trading desk saw its profits swell.

As the price of BTC traded higher, other cryptocurrencies saw similar or greater gains. The second crypto by market capitalization, Ethereum, rose below $100 to $4,500.

The report states that Poe Street Capital’s It claims to have disclosed its performance with the Australian regulator in 2022. However, there is no current record of profits or business activity.

With the downward trend in Bitcoin and Ethereum prices, unfavorable macroeconomic conditions, high inflation, and a general trend toward riskier assets, PO Street Capital may see its profits decline.

These conditions have failed major companies in the startup sector. Famous companies from one billion dollar hedge fund Three Arrows Capital (3AC) and the world’s second largest crypto exchange FTX have had to either cease operations or declare bankruptcy protection.

BTC price moves sideways on daily chart. Source: BTCSDT Trading View

As of this writing, Bitcoin is trading at $16,900 with a 2% gain in the last 24 hours. Other cryptocurrencies in the crypto top 10 are recording similar gains and seem poised for further appreciation.

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