The founder was convinced of the Norwegian crypto exchange
As the founder of a car company, Huy Le (30) is interested in – and good at managing – money. According to Huy Le, the key is long-term planning, savings and investment. He has previously invested in the stock market.
“But now I want to invest more money in crypto".
Convinced of the Norwegian cryptocurrency exchange
“When you run a business, you have to be extra smart with your money. All of a sudden, you can earn a good deal of money, before it stops for a long period of time. So, it’s important to put it aside in some way,” Le explains, and adds:
“First of all, you need to set aside and save money to live, for food and the most necessary things. If you’re able to not use the rest, you may want to find a way to invest the money in the long run.”
For Le, the stock market has proven to be a valuable tool for long-term investments. He has also recently invested in crypto.
Unsure at first
But it took time before he felt safe, Le admits.
“I use the stock market to save money and invest money in long-term stocks and index funds. It yields higher returns than if the money had been put in a regular savings account, but I do not ‘trade’ actively, so to speak,” says Le.
He heard about cryptocurrency for the first time in the fall of 2017, mostly due to Bitcoin’s extraordinary increase. From January 1, 2017, to the same time in 2018, cryptocurrency had seen an increase of 1,376 percent.
“Although, it did feel a bit like a bubble, and there was a lot of uncertainty about whether it would continue to increase.”
When he first chose to invest, it was through Firi.
“The problem was a lack of security.
My problem with cryptocurrency was really a lack of credibility and security. As it was such a new phenomenon, I didn’t want to risk it with a supplier I wasn’t sure about,” Le explains. He explains why Firi made the decision easier.
“I saw that Firi were registered with the Norwegian Financial Conduct Authority (Finanstilsynet), that they used Norwegian BankID and that they had a team in place you could contact for any inquiries. After that, it didn’t feel as alien.”
After just over a year of crypto investment, Le has participated in a new surge of crypto resurgence. At the same time as bitcoin reached a milestone reaching a value of over 50,000 dollars in February, other cryptocurrencies such as ether and XRP have experienced a great increase.
Learn more about investing in cryptocurrency now.