Axios Crypto: Meet Darragh Grove-White

Today, we are talking to a reader who has made a fortune through crypto investing. However, there have been some stomach-churning reversals.

Why it matters: Cryptocurrency is often referred to as a democratizing opportunity. However, regular people rarely see stories of non-professionals placing wagers in the space. Here is one.

Details: Darragh Grove White, a Canadian marketing technologist, is on the leading edge. But, he took some hard hits.

“I made a lot of mistakes, for sure. I’ve had crypto exchanges take my money,” he tells Axios.

He was one of many Canadians out of luck when the founder of the exchange QuadrigaCX, Gerald Cotten, died (?) in India.

State of play: Grove White is one of the lucky ones. By his account, since the Quadriga loss he’s turned around. Although there have been some wild fluctuations in that number, he’s now up about 11x over his principal.

Axios has confirmed the success of his portfolio.

Scoreboard: He invested in more than 180 coins. His first three purchases were bitcoin, Monero (a privacy cryptocurrency — that trade is still down), and Verge, which has shady affiliations.

“I have had a few that have done really well and even fewer that I knew would do really well,” he said.

The largest loss was caused by a token that was right in its idea (blockchain financing), but was wrong at the wrong time. His biggest win was a lucky guess about which solution to fix Ethereum’s speed problems would click with users first.

Context: While he only got into crypto in 2018 (a bear market year), he had some advantages. He is a lot more technical than the average person, given his day job.

It has worked in his favor. He explained, “I’m just super curiosity.” In crypto, it’s not enough just to read and watch charts. He contends that one must get into crypto to fully understand it.

Be smart: Having been in for four years, he sees new arrivals come in waves. The new investors are easy to spot on Twitter and in the Discord channels — they are always looking for the quick buck.

“This most recent cohort of noobs, their on-ramp was the Wall Street Bets experience,” he said. “A lot of the n00bs go for meme coins. They invest like it’s a bit of a joke.”

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