Big brand Dollar Shaving Club has published a new report through its media outlet Mel highlighting guys who lost their life savings on crypto after betting big during the epic crypto bull run of late 2017 when Bitcoin skyrocketed to nearly $20,000.
Reddit user Crypthomie, a 32-year-old from Abu Dhabi, posted an image last year of his repayment schedule for a $400,000 loan he took out to make speculative investments in various new cryptocurrencies.
Here is my bank instalment related to the loan I took to invest in crypto. Still 3 and half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85% loss. I hope it gives you a lesson. from r/CryptoCurrency
He has been paying more than $8,000 a month toward his loan since January 2018, and must continue to make the large monthly payments until the end of 2021.
“Still 3 and a half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85 percent loss. I hope it gives you a lesson.”
Self-proclaimed crypto millionaire soundsoviel reveals,
“I was working for a bank in Europe when a colleague told me about Ethereum [toward the] end of 2016. That’s when I invested blindly what I had left from my savings. Boy I had no idea.”
He eventually lost his investment after the cryptocurrency prices dropped dramatically during the extended bear market of 2018.
While Mel and other news outlets continue to point out the downside of crypto investing, crypto supporters are rallying around the fact that mainstream news outlets have been clocking the death of Bitcoin since the early days, to no avail.
Since Bitcoin’s massive slide from a high of nearly $20,000 down to $3,467 at the beginning of this year, the King Coin has rebounded to the halfway mark and is currently trading at $10,362.