It’s a familiar story, but it still hurts for those who have had the same experience as investor Peter McCormack who lost $1 million in the recent bear market. But he has faith.
McCormack claims that he got himself too “caught up in the hype’ during the buoyant and heady cryptocurrency market in 2017. The ex-London advertising agency manager decided that after losing his job in 2016 he’d try investing GBP 5000 (USD 6,400) in Bitcoin.
By the spring of 2017 his modest BTC investment with some extra purchases swelled to $300,000 and like many other investors at this time decided that he was in for the long ride. What happened next in the market is history, of course.
By the end of the year, his portfolio was worth GBP 1.2 million but crashed in January of 2018 wiping out his investments, having traveled and splurged money on dining out, travel, and extravagant family gifts, meanwhile dipping into his BTC throughout 2017.
“I wish I had taken everything out before the bubble burst, I have earned money in the past through hard work and enjoyed it more,” he reflected, adding “Much of my spending was quite frivolous.”
Today McCormack still podcasts and is surprisingly upbeat about Bitcoin, but warns others to be more careful with their money than he was. To him, cryptocurrency remains a “force for good” despite his up and down relationship with the market, particularly, in some undeveloped or war-torn countries where bitcoin and other digital currencies are empowering communities and minorities, he argues.
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