Gold Coast venue manager Joel Thomas spends $20,000 on new cryptocurrency called SafeMoon

A Gold Coast venue manager is so confident a new cryptocurrency will ‘explode’ and turn early adaptors into multi-millionaires that he invested almost his entire life savings on it.

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A GOLD Coast venue manager is so confident a new cryptocurrency called SafeMoon will turn early adaptors into millionaires that he invested most of his life savings on it.

Tipsy Pig Bar Surfers Paradise venue manager Joel Thomas bought $20,000 worth of SafeMoon cryptocurrency just weeks after it launched.

SafeMoon investors Kadin Richdale, Joel Thomas and Dylan Jay-Edwards. Picture: Richard Gosling.

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The 20-year-old said he had felt SafeMoon would “explode” in popularity like Bitcoin and by 2025 there would be widespread cryptocurrency and token adoption.

But Griffith University Professor of Economics Fabrizio Carmignani said cryptocurrency was hard to predict and even if traditional currency collapsed, there was no guarantee SafeMoon would survive.

Prof Carmignani said SafeMoon differed to other cryptocurrencies in the sense that it was a decentralised token and investors had to pay a 10 per cent tax when they sold their share, which went to the holders.

“It’s a very new market, it’s not established at all,” Prof Carmignani said.

“Even in the scenario we all convert to crypto, which is not the most likely scenario, crypto have their own problems.

“You have the risk of instability and it is similar to a Ponzi scheme, where the value of your asset today is determined by others believing in the value of it, for it to have value.”

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Mr Thomas said he was aware cryptocurrency markets were volatile but believed SafeMoon was a million-dollar opportunity.

“My thinking when I invested a total of $20,000 was, I can save 20k again within a couple of years, but how many times do you get presented with a million-dollar opportunity?

“You cannot afford to invest with emotion or you risk making poor decisions based on watching your portfolio fluctuate dramatically hour-to-hour.

“I have watched my portfolio go from $30k, to $100k, back down to $25k, and up to $40k.

“It doesn’t phase me anymore because I’m here for the long-run and not trying to make a quick buck.”

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SafeMoon is a DeFi token meaning a small percentage of the supply is permanently burned during each transaction which continually lowers the number of coins in circulation.

At the time of print, Bitcoin was trading at AUD$49,350 per coin and SafeMoon at AUD$0.00000598 per token.

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Originally published as Gold Coast venue manager Joel Thomas spends $20,000 on new cryptocurrency called SafeMoon