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I lost my entire life savings in crypto

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by COINS NEWS 232 Views

This was back in 2017. I lost over 90% years of my life savings when I bought in Dec. 2017. The FUD was overwhelming being a bystander all of 2017 and watching crypto pump like crazy. So, I purchased BTC on Coinbase (with a stupid plan to buy Bitcoin Gold as the next Bitcoin fork to pump, likewise Bitcoin Cash). I never bought Bitcoin Gold, it wasn’t available on Coinbase and my shocking losses distracted me from any further crypto transactions. I held Bitcoin down to $6K, then bought altcoins like Bitcoin Cash hoping to recover my losses. Altcoins endured greater losses. I was shocked to see how 7 years of hardcore saving from my middle class salary was wiped out in few months. My roommate experienced the same fate. I hated crypto, wished I never heard of it. Crypto for me felt like the only avenue where I could experience such a fate. I was well-aware about stocks and the dot com bubble, that I was scared straight from buying individual stocks. Crypto was entirely different asset class. I was buying BTC and it appeared to have a high market cap of over $500 bill which was credible to me. Everyone has a plan until you get punched in the mouth said Mike Tyson. I HODLed unlike my roommate for 3 years and fully recovered. I was willing to hold for even greater potential losses because I still believed in crypto. Today, I’m very deep in the green and this nightmare has long been over. As they say, only invest what you can afford to lose (well, I don’t have children or a mortgage or car payments)…I was in a position to survive despite these losses. I still believe crypto is rewarding to long-term investors.. You can lose you nearly all your entire life savings and still recover. I am a testament to this notion. Thanks for reading.

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