A cryptocurrency investor, who secured a six-figure loan to invest in virtual currencies, has shared his story on how the value of his portfolio drastically reduced to a staggering 85%.
THE LOAN PROCESS
A Reddit user, simply identified as Crypthomine, recently uploaded the picture of his repayment schedule, which contains the loan he was able to secure in December 2017. The photo signified the loan to be in six figures.
The crypto investor approached the Emirate Islamic bank for a loan, valued at around 338,000 dirhams or $126,000, with a total astounding amount of 393,296 dirham, which is equivalent to $147,000, including interest. The Redditor agreed to pay the bank 8194 Dirham or $3067 monthly until December 14, 2021.
The investor, while relaying his experience wrote,
“Here is my bank installment related to the loan I took to invest in crypto. Still, three and half years until I’m freed. Until then, I’m working for nothing, and I’m at 85% I hope it gives you a lesson.”
THE DROP IN VALUE OF CRYPTOCURRENCIES
The crypto investor, Crypthomine, invested heavily in Litecoin, NEO, and Ethereum cryptocurrencies, and also in other cryptocurrencies that lost most of their values. He angrily described the other cryptos as “some shitcoins that lost 95% of their value already.”
In truth, most of the crypto coins lost their values during the time in question, and it affected investors and traders alike.
NEO started the decline in December 2017, falling heavily from $75 to $16.69 at the time of writing, amounting to a 78% drop in value.
XLM also did not fare better, as it dropped from $0.275 to $0.225, which is an 18% drop in value. Litecoin also lost 83% from its December high of $320 to about $55, and the same can be said about Ethereum.
The fall in the value of the coins greatly affected most investors, Crypthomine is just one out of many cases.
Though, the prices are shaping up again. Investors are always advised to seek professional experience when making crypto investments. This is mostly due to the volatility of the market, and only the players know the name of the game.