Andrew Dawood started out as a simple flight attendant, but his savvy investing has made him a millionaire, and he has things like bitcoin and GameStop shares to thank.
Andrew Dawood Is Reaching for the Top
Born in Egypt, Dawood relocated to Dubai in the United Arab Emirates with about $50,000 to his name. A solid amount for someone so young, but he was ready to make his move and turn that small fortune into a big fortune. Naturally, he turned his attention to bitcoin, which a lot of people have done over the past few years. Over 48 months, he piled his money into the world’s number one digital currency by market cap. He also invested in GameStop and NIO – a vehicle manufacturer stationed in China.
The investment has paid off as he now has about $1.7 million located in several accounts, though he is looking to take even more risks in the coming future. His goal is to turn this money into a whopping $3 million by the year 2025.
Like many millionaires, Dawood says he has gotten to where he is from making mistakes and learning from them. He initially saved about $40K and invested much of it in BTC through Bittrex, one of the world’s most popular cryptocurrency exchanges. This was in August four years ago – a time when bitcoin first began to reach peak prices.
In an interview, he discussed his style of thinking during this period:
In my mind if it gets to $5,000 or $6,000, fine. Then I will sell it and be more than happy.
Sadly, it was not all lollipops and rainbows at the beginning as he ultimately lost close to four total bitcoins by selling too early, as he seemingly put it. He commented:
Every time I sold, it just went higher, and I bought again quickly. I kept repeating and thus reduced by bitcoin to 5.76 bitcoin.
Trying to Solidify the Future
He eventually sold his remaining crypto stash for approximately $100K. Not ready to give up on his financial dreams just yet, he took that money and invested in NIO in early 2020. He purchased several thousand shares when they were trading for just over four dollars. A year and a half later, he was able to sell these shares and accumulate over a million dollars from this investment. From there, he took that whole sum and placed it all into GameStop.
This would ultimately provide enough profit that he could sell these shares and place the money back into NIO. Despite his financial success, Dawood says that he is remaining in his current flight attendant position given the several perks it provides, such as a free, company-offered apartment. This ultimately reduces his living expenses and gives him the time and resources he needs to focus on further investing.