I got my money back in full: I lost £40,000 in the bitcoin boom
A man who lost £100,000 at the start of 2017 is still struggling to come up with the cash to cover the £40k bill he racked up when he lost control of his bitcoin investment portfolio.
The man, who did not wish to be named, had invested in bitcoin from the start, which had grown steadily over the course of a year.
His first investment was a 1 BTC portfolio, and he lost around £10,000 by the time the market began to decline in August.
Then in September, he bought out a 20% stake in BTC-e, which he said he could then sell to fund the remaining funds.
It wasn’t until December, however, that he started to see a decline in the price of bitcoin, which dropped from around £1,000 to around £400 per coin.
But then in January he realised he was out of bitcoin money.
“I’ve lost over £40K, and I’m still struggling,” he said.
He said that as the price fell, the money began to go into debt and he could no longer afford to cover that.
At the time, he was still in his 30s and was making around £20,000 per year.
“I didn’t know what to do, I didn’t have the money,” he told FourFourtwo.
After his first loss, he contacted the bitcoin fund manager he had invested his money in, but he was told that the funds had already been shut down.
And while he was happy to get his money back, he found it hard to come to terms with the loss, as he still had to keep up with payments.
When the money returned, he discovered that he could now only make payments by debit cards and credit cards.
There were several options available to him, including PayPal and Visa.
A friend told him to consider a Bitcoin debit card, which would allow him to pay for things in cash.
I told him that I’m on a debit card and I don’t need to pay anything, he told the magazine.
“He then offered to send me a Bitcoin wallet, which I said, ‘Well, why don’t I give it a go?'”
It was only after he had put down £1.5m and made a deposit on a Bitcoin fund, that the man realised the funds were still valid.
According to FourFourTWomensGuide, the Bitcoin wallet has now been set up by a company called Bitcoin Express.
While he has been able to get hold of his funds again, he said that he is still unsure how he will pay back his losses.
In addition to the lost money, he has spent £4,000 on travel and food, with the total cost being around £30,000.
Despite the loss and the uncertainty, he still believes in the potential of Bitcoin and is currently buying bitcoin at a very high rate, earning more than £300 a week.
On top of this, he also wants to expand his personal bitcoin portfolio, which includes a few other investments.
For instance, he plans to add a second investment, with an eye to using it for an online store.
However, he admitted that his personal investment has taken a toll on his finances.
“The bitcoin bubble has taken its toll on me.
I’ve lost money in the past year, and that’s with a lot of other investments,” he explained.
“I have a lot more on the horizon, but for now, I just want to keep buying more.”
Bitcoin has risen to more than $1,100 per coin on the UK exchange BTC-E, but this may be due to the fact that the market is experiencing some volatility.
Although this is unlikely to change in the near future, it is encouraging to see that people are investing their money in a new asset, rather than waiting for a more stable market to arise.
Featured image via Flickr user David Lacey