Self-made cryptocurrency millionaire Luke Timmins from Plymouth is our guest today on the London Post. Mr Timmins explains how he turned $3000 in to over $1 Million from buying Bitcoin and Ethereum back in 2016.
“I first started buying Bitcoin back in 2016 whilst living in Thailand, at the time I didn’t know much about it but just I found it very intriguing. Then the more I researched about blockchain technology I discovered Ethereum. At the time Ethereum was just $7 per coin, after doing a bit more research I found the project remarkably interesting and purchased around 350 Ether for $2450 but really at that time had no idea the price would one day reach over $1500 per Ether”
“I have been a seed investor in many cryptocurrency projects over the years, getting into projects at very early stages but it just means waiting 2 or 3 years to see any returns. Some losing money on, but some have been highly successful. Just recently I received my first portion of tokens that I purchased back in 2018 for 1 cent and have now reached an all-time high of $1. That is 100x on my investment!”
Mr Timmins also explains it is not all straight forward as one might think. Over the last 5 years he also made losses in scam projects and the constant stress and worry one has seeing his portfolio value rise and drop over the years.
“I remember watching my Ethereum holdings rise from $2450 to around $140,000 in value within the space of about 6 months. I remember family and friends telling me to sell but being part of the crypto community their is so much euphoria of the potential of cryptocurrency I could not bring myself to selling them. I remember then about 1 month after that it dropped by around 50% down to $70,000”
“There is also so many scam projects and ICO’s you have to be careful of. I invested around $15,000 in to Envion ICO in 2018 which was a bitcoin mining project that turned out to be a scam. I am still in the process now of trying to recover the money along with many others as the total they raised was $100 Million!” “I also remember buying in to Bitconnect which turned out to be a pyramid scheme and also lost money there. Bitconnect was one of the biggest scams in crypto history”
Mr Timmins is still a big believer in Bitcoin and Ethereum and says there is still much more growth to come. But as of now he has moved a big portion of his wealth over to IOTA as he believes the potential of the project could be massive.
“IOTA is an amazing project and if they can achieve what they are planning to do I think it could easily be in the top 5 cryptocurrencies. With IOTA transactions are feeless and can scale at a much higher level if all goes to plan. 2021 could see a lot of growth in IOTA – but that’s not financial advice just my opinion”
Mr Timmins’s advice for others is to stick to projects with good fundamentals and a strong team.
“Many of the projects that are around today will no longer be around in a few years. From when I first got in to crypto I have seen projects in the top 10 coins that are now basically non-existent. Some low market cap coins can bring crazy returns compared to the top coins like Bitcoin and Ethereum but they are a much higher risk if you do not pick them carefully”
Mr Timmins has now slightly diversified from cryptocurrency and founded a new business called Origin Chef which is bringing meal kits from all around the world to the UK for sale online at www.originchef.com. The focus is working with family run businesses and help bring their amazing recipes to the UK and at the same time helping small business around the world during this terrible pandemic.
Pictured below is Luke and His Father Michael Timmins who is a property developer in Plymouth celebrating the recent surge in cryptocurrency prices.