I turned $8,000 into $45,000 investing in cryptocurrency in 4 months and lost it all. This was the lessons I learned.
The year was 2017. It was still a new year and Bitcoin – the most valuable cryptocurrency – was trading at $1,000. There was a speculation that the price of Bitcoin was going to hit the roof before the end of the year. Some predicted $10,000; the over optimistic ones predicted $100,000 for one Bitcoin. Well, by December of the same year, Bitcoin traded at an all time high of $19,700 – over 1,900% growth. By the early 2018, the price had fallen below $5,000. Within this period, the crypto market created many overnight millionaires, but majority of people lost a significant part of their investment.
I started investing in cryptocurrencies in the second half of 2017. But before I started, I spent about 6 weeks researching and studying about Bitcoin, cryptocurrency and the Blockchain technology. I even attended an all day Blockchain event that had big players in the industry delivering keynote speeches to hundreds of attendees. It was an exciting learning experience and I was convinced to give it a try.
I started with a few hundred dollars, and gradually increased to a few thousand dollars. I bought and held the alt coins I believed would increase in value over the midterm. Alt coins are other cryptocurrencies launched after the success of Bitcoin.
Within a few months, my portfolio grew to deliver more than 500 percent return on investment. Then I lost almost everything. Before I get on with sharing the lessons I learned from this experience, I’ll like to invite you to subscribe to After School TV and click the notification bell to keep in touch for more insightful videos like this.
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