“I thought that cryptocurrencies would be the one and only breakthrough for ordinary hardworking people like us. I thought my family and I could escape hardship and live more comfortably, but it turned out to be the other way around.”This investment came from a $25,000.00 loan, life savings and an insurance policy. Charles Herman, a 29 year old from the United States made a similar mistake:
“I guess I thought we were ‘sticking it to the man’ when I got on board. But I think ‘the man’ had already caught on, and had an exit strategy. I think I’d like to see most alts go to zero before I feel like the whole space isn’t overpriced. We also saw that Bitcoin isn’t ready for mass adoption and day-to-day use.”Moreover, Tony Yoo, a 26 year old from Los Angeles put around $100,000.00 of his savings on crypto during the boom. The majority of these investments have now dropped more than 70% since his initial investment. In this instance, Yoo does remain bullish:
“There’s just so much more behind this new wave of technology and innovation that I’m sure will take over our society in due time.”Finally Pete Roberts, a 28 year old from Nottingham, England, has managed to reduce a $23,000.00 investment to just $4,000.00 as a result of the collapse in the wake of the cryptocurrency boom. According to the New York Times, Roberts said:
“I got too caught up in the fear of missing out and trying to make a quick buck. The losses have pretty much left me financially ruined.”Whilst it might seem like a great idea at the time, the risk in trading cryptocurrency is very high. It’s a volatile industry existing in a sketchy climate. If it looks to good to be true, then it probably is. If nothing else, let this exist as a warning, share these stories with others and let’s all help each other make better investment decisions in the future.