Thursday, June 20, 2019

Man Details How He Lost $1 Million To Bitcoin Investment

Inside the crypto spectrum lies different stories of success but mostly, failure. As cryptocurrencies like Bitcoin reached its highest value in 2017, people became hooked to the easy money that digital coins represent.

An Instant Millionaire With Bitcoin

One example of this is the bitcoin story of businessman and crypto enthusiast named Peter McCormick as he detailed his life on The Guardian.

At the start of 2016, McCormick decided to focused on cryptocurrencies such as Bitcoin. After his business of advertising agency ran out of funds, McCormick chose to try the field of virtual currency. Bitcoin, at the time, was filled with positivity and high values since investments were not yet rapidly overflowing.

He said that his first investment with cryptos started with his £5,000. Since bitcoin’s value ranges from $600 at the time, McCormick bought few bitcoins and some other cryptos.

After a few weeks, he then, realized that Bitcoin is a walking gold pot. To the point that he invested £23,000 in the market and gained triple equivalent to $300,000, in the middle of 2017.

Without his knowledge, the end of 2017 came, and gave him a massive amount of $1.2 million after investing on bitcoin.

Got Hyped As Bitcoin Increases Value

Just like most people have done, McCormick got hyped with the large interest earned in purchasing bitcoins. As a way to help other bitcoin investors reached their million, McCormick even created a facebook group along with a podcast, in order to help people understand how bitcoin works.

In the knowledge that he had found a pot of gold, McCormick lived an extravagant life using the money he earned in Bitcoin.

‘I Lost the Million’

Little did he know that at the start of 2018, his million begun to slowly vanished and the bearish market continues to hunt his other savings.

“Over the rest of the year, I watched it sink lower and lower, along with the other cryptocurrencies I had invested in, all the time thinking, Well, there’s no point selling now… That was my attitude throughout last year, as bitcoin’s value continued to fall. Pretty much everything I had built up was wiped out,” says McCormick.

Bitcoin Is Still A ‘Force of Good’

Until now, McCormick still does his podcast. Interestingly, although his million with bitcoin suddenly got away from his grasp, he still believes that cryptos are here to ‘stabilise an increasingly volatile world.’

Bitcoin, specifically, was his favorite and described it as a ‘force of good’ for most people interested in investments and convenient money.

As of 2019, bearish market continues to hunt various cryptos in the industry. Although people are now more aware of cryptos volatility, there are still a number of Peter McCormicks out there.



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