World is not the same as it was before the popularity of cryptocurrency. The world was struck when bitcoin investors received financial returns that were several times of their investments. Following the trend, investors, locals, businessmen, technologists, celebrities, politicians and many others turned their attention to cryptocurrency to experience profitable gains. But unfortunately, many ignored the deciding factor of time, that chooses people who taste victory and those who face defeat.
Considering crypto as a system, with nominal input that results in amplified output, motivated many people, but at the same time, paved way for blunders and mistakes. While some people timely took out from the system to ensure benefits, there are few others who got nothing but a hard lesson from the very same system.
A news report by NYT claims that Coinbase and Square mobile app attracted a substantial number of investors since last October. The report further adds that almost all of the audience bewitched during that time period would be experiencing red if they invested in cryptocurrency at any point in last nine months. Amazingly, through various means, the report also suggests that people participating into virtual currencies last fall and winter were much more, than in all of the preceding nine years. This explains why nowadays most people aren’t achieving any success with cryptocurrency.
Pete Roberts of Nottingham told that after observing the high peaks, he invested all the savings he could manage to in the cryptocurrencies. Unfortunately, his $23,000 ,that he devoted to different tokens, is now not more than $4,000 worth. He explained the devastation of events that left him nothing but ruined. He 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.
Kim Hyon-jeong, a 45-year-old teacher and mother of one, who lives on the outskirts of Seoul, also thought to invest all she could. She withdrew all her savings and prepared herself for playing big with addition of her insurance policy and a $25,000 loan. She visioned cryptocurrency as the only mean available to a local with game-changing strength and striking change intensity. Her gamble went into shambles after her investments went almost 90% down, she explained why she took such a bold step,
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.
Charles Herman, a 29-year-old small-business owner from Charleston, USA, was also one of the unlucky cryptocurrency investors. He focused almost 10 months on analyzing the market and investing in cryptocurrency and even abandoned investing in real estate, what he used to do before. But again the tables didn’t turn for him in the world of crypto like it had not for many others. He is still standing at $4000 investment, exactly what he had before starting the journey in the crypto world. Consequently, he has resumed investing in real estate and now, regards his allocation of time towards cryptocurrencies nothing but complete wastage. He figuratively explained his experience with cryptocurrency by stating:
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.
A person from U.A.E also shared the story of his collapse while investing in cryptocurrency. He posted a picture of a bank loan document of $100,000 on Reddit. He took a loan back in December to invest it in cryptocurrency, but lost the bet. To cover up the loan that he took, he has to work for almost 4 years and he uploaded the picture of installment plan to refrain others from doing the same mistake.
What keeps cryptocurrency still alive
Despite plethora of people facing vanquishing in last 9 months or so, the potential of cryptocurrency is still steady because many among them, though suffering at the hands of crypto market, expect it to get better at some point in future. Roberts, the British investor, although looking for a new job, has left his coins in the hope that they may turn around in future. Moreover, Tony Yoo, a financial analyst in Los Angeles lost his $100,000 investment up to 70%, but not his belief in cryptocurrency. He considers other prospects such as eradication of middlemen through the use of technology behind cryptocurrency. He quoted:
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.
Economy, stats, money, stock exchange markets etc. uncontrollably vary as they are bound to rise and fall. People who succeed in understanding the trend or find luck while investing so that after their investment the graph experiences rises are the ones who take out something from the market. Failing to achieve this are the ones that unfortunately are left behind with only bad experiences.