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The Ups and Downs of Crypto Investing

3 mins
Updated by Valdrin Tahiri
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Investing in cryptocurrency is definitely not for the faint of heart. While the rise to the top may be swift and rewarding, the dip to rock bottom is challenging and sometimes painful.
Nevertheless, most crypto investors are grateful for the opportunity the market gave them in the last few years. Some even decided to share their unbelievable stories on social media, in an attempt to educate the newcomers.

From $32K to $1.2M and ‘Back to (Pretty Much) Zero’

Crypto podcaster Peter McCormack is one of those who had the courage to share a genuine crypto experience in just a few tweets. His story began back in December 2016 after his advertising agency went bankrupt. He decided to invest most of his savings in Bitcoin (BTC) and Ethereum (ETH). Since January 2017 was basically the start of the altcoin rally, McCormack rode the wave and bought even more cryptocurrencies, including Monero, Dash, and Ripple. After just four months, his portfolio increased tenfold. The summer brought even more profits boosting the net worth to $500,000. By December 2017, McCormack had a bag worth a whopping $1.2 million. Thinking he was a genius (weren’t we all in those times?!), McCormack invested in a crypto mining business among others and kept going and going, not worrying about prices crashing down to earth. At his height, McCormack had 150 BTC. Unfortunately, though, 2018 was a wake-up call. He soon realized he missed a great opportunity cashing in some life-changing money. He does not have any major investments in crypto anymore — he sold the remaining BTC to support his podcast business and his family. Looking back at his experience and analyzing his choices, McCormack advised his followers to cash out whenever the profits are life-changing. Also, not overspending and conserving the capital earned are two other pieces of advice he gave to the Twitter world. https://twitter.com/PeterMcCormack/status/1073196778705559553

From Blackjack to Bitcoin

Another crypto maximalist told his story on the r/Bitcoin subreddit. He first heard of Bitcoin in 2011. After some research involving the now-defunct Silk Road online black market, he decided not to invest in this nascent technology. Two years later, a friend of his showed him an article covering Bitcoin’s all-time high at around $1,200. An opportunity of a lifetime missed, he thought, yet, two years later, he saw another opportunity. He looked at the price and noticed a 52-week low, so he bought 22 BTC with $5,000 won at blackjack. Back then, one BTC was worth $210. Bitcoin Worth $210 Back in 2014 He continued to buy during the lows and went on to buy during the December 2017 highs at $16,000. “I literally have no f*****g idea when is a good time to sell and when is a good time to buy. I just buy and HODL,” he explained honestly on Reddit. All this time, he saw his investment increase up to 190 times in value but still didn’t cash out. Now, his Bitcoin stake is a “mere” 16x from the humble blackjack money beginnings. Even though he calls himself financially independent at 29, he still wishes he had a time machine so he can change some of the decisions he made during the crypto bull run. Do you have a story to share with the BeInCrypto community about your crypto investments? If so, please do not hesitate to leave it in the comments below!
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Florian Gheorghe
I started out in print journalism in 2008 and switched to freelancing two years later. Afterward, I covered the poker and gambling scene for several years before getting into sports and motivational stories. Crypto-wise, I first learned about Bitcoin just months after the Mt. Gox event. I’ve been riding the bulls and the bears ever since.
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