Zach Fowler opens a coffee house in Bellingen with crypto wins

A young man from Bellingen has revealed how he struck gold after investing in “dogecoin”, a cryptocurrency initially set up as a joke. It allowed him to start a business, with plans to travel the world. See how he did it.

Using cryptocurrency, Zach Fowler, 23 was able to open a business in Bellingen.

He invested $2000 using the virtual currency and made over $25,000 in return.

Mr Fowler said he put “one hundred dollars here and there” when he could.

“If I had a few extra bucks I thought I may as well chuck it in,” he said.

Zach Fowler was able to open Quoll Coffee House in Bellingen thanks to his investments.

Mr Fowler said he “had no idea what he was doing”.

His brother, Nathan Fowler had “read a few books”, but had no formal training in commerce.

“He was always into it and passed on information,” Mr Fowler said.

After a year, he accumulated enough to open “Quoll Coffee House” in Bellingen.

“I always wanted to start a cafe. I had a savings account for it which I eventually moved into crypto,” he said.

“It’s volatile. I got in at the right time,” he said.

Cryptocurrency has made many millions, while many others have lost just as much. Photo: Supplied.

Mr Fowler admitted he doesn’t know if he “could pull it off again”.

He said “dogecoin” was the most profitable coin for him.

“It just went ballistic. I put in eight hundred and made eight thousand,” Mr Fowler said.

Dogecoin was created by software engineers Billy Markus and Jackson Palmer. They wanted to create a payment system as a "joke", making fun of the wild speculation in cryptocurrencies.

Earlier this year, Elon Musk tweeted that he would eat a Happy Meal if McDonald's begins accepting Dogecoin as a form of payment. He earlier described it as the ‘people’s currency’.

Mr Fowler said his friend made thirty-four thousand on dogecoin with only a day being the difference, highlighting the erratic nature of the market.

He also invested in Ethereum and Bitcoin.

“It’s a gamble. No one knows what will happen. You could lose all your money,” he said.

Mr Fowler said one day it could go up a thousand, another day it may go down the same.

“That’s the risk you take.”

“It’s fun to watch, but daunting for sure.”

The money has allowed Mr Fowler an opportunity to start a business and look into travel as well as opening a full cafe in the future.

“I’m stoked it happened. I got the right coins and got lucky,” he said.

Mr Fowler said opening Quoll coffeehouse has allowed him “to get a grasp on how things work” regarding business.

Queenie Tan, a Sydneysider who made over $500,000 from cryptocurrency, told The Daily Telegraph that research and understanding the nature of the investment is important.

Youtuber Queenie Tan made half of a million investing in cryptocurrency. Picture: Supplied

“I’ve learned a lesson that it’s important to understand the cryptocurrencies I invest in, that’s why I only invest in three. And that it’s important to understand that it’s a volatile investment,” Mrs Tan said.

Cryptocurrency has no regulating authority, leading many to wonder how reliable it is.

SMSF Association deputy CEO Peter Burgess told The Daily Telegraph that there are several risks attached to cryptocurrency.

“Many licensed financial advisers are not permitted to provide advice on such investments, which adds another layer of risk,” Burgess said.

Always seek professional advice before investing money. If you need financial help, contact the National Debt Helpline on 1800 007 007.