Lost All My Money To Bitcoin & Ethereum After Buying Crypto While Drunk With Pals

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A CRYPTOCURRENCY investor revealed how he lost all of his money buying Bitcoin and Ethereum while intoxicated.

Despite his shaky start in the crypto world, Sydney’s Josh Ng has since redeemed himself and has now made £ 27,000 from the trade.

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Josh Ng lost his money when he was drunk but returned when he was sober

The 24-year-old first took to investing in 2017 when he was at an Airbnb in Tokyo with friends.

As the drinks came down, he and his friends started talking about Bitcoin and Ethereum.

“We’ve heard a lot of the hype around the cryptocurrency fad,” the construction worker told news.com.au’s I’ve Got News For You podcast.

“And so we are thinking of investing in it.

“My mate talked to one of his friends, a financial adviser or something, and this guy said, ‘Oh, this can’t fail. Like he’s doing the next big thing. Invest now, you can get rich ”.

“So, without doing any research, one night… we put in a lot of money, we just sat down and went to bed after that.

“The next morning just a massive crash, like 30% of the market right away, which was incredibly embarrassing for us.”

In total, he lost around £ 1,700 on his failed crypto flutter.

As the price of Bitcoin plunged to £ 53, there was no hope that it would get its money back.

But Josh saw speculation that the crypto might rebound again and wondered if now is the time to buy at a lower price.

This time he decided to do some research and re-entered the market with more caution.

“I was a little more careful how I entered,” he admitted.

Josh said he “got in more methodically, and eventually got to a point where I could enter different coins that I was more familiar with, with a lot more confidence rather than throwing everything in, say, Ethereum.”

His new approach appears to have paid off and his initial investment of £ 6,400 has now grossed £ 27,000.

“I didn’t really invest any more money, I just watched it grow, and then I took out the profits and put it in other rooms,” he added.

Her number one tip for anyone looking to invest in crypto? “Don’t listen to your heart”.

Of course, the experts have more specific advice, and crypto is a notoriously volatile asset in which to invest your money.

Cryptocurrencies are not regulated investments, so there is no safety net if things go wrong and you lose money.

Many cryptocurrencies have a short history, which makes them difficult to understand and predict.

Laith Khalaf, Head of Investments at AJ Bell, said: “Cryptocurrencies are incredibly volatile and that applies in spades to the small new coins entering the market.

“If something can go up by several hundred percent in a matter of weeks, it’s no surprise that it can drop just so sharply in a short period of time.

“As always, the golden rule of crypto is to never invest an amount that you are not prepared to lose in its entirety, so don’t bet the house on it.”

5 risks of crypto investments

The Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.

Consumer Protection: Certain investments showing high returns based on crypto assets may not be subject to regulation beyond anti-money laundering requirements. Price volatility: The significant price volatility of crypto-assets, combined with the difficulties inherent in a reliable valuation of crypto-assets, puts consumers at high risk of losses. Product Complexity: The complexity of some products and services related to crypto assets can prevent consumers from understanding the risks. There is no guarantee that cryptoassets can be converted back to cash. The conversion of a crypto-asset into cash depends on the existing demand and supply in the market. Fees and commissions: Consumers should consider the impact of fees and charges on their investment, which may be higher than those of regulated investment products. Marketing Materials: Businesses may overestimate product returns or underestimate the risks involved.

While Josh made a lot of money from crypto trading, others were less fortunate.

A trader revealed that he woke up to find he had lost nearly $ 500,000 in a cryptocurrency scam.

And another said he claimed to have convinced his aunt to invest £ 150,000 in crypto Shiba Inu – only for her to lose tens of thousands of dollars in 24 hours.

Buying any cryptocurrency is incredibly risky.

With any investment, there is a risk that the value of your money will go down as well as up. This means that you should only invest the money that you can afford to lose.

Crypto can be riskier than other investments because they are volatile and speculative – their price often rises and falls very quickly, sometimes seemingly for no reason.

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