Bitcoin investor who lost nearly £ 1million in cryptocurrency ‘doesn’t regret it’

[ad_1]

Peter McCormack deposited £ 5,000 in digital currencies in 2017 at a time when Bitcoins were running around $ 600 – but he quickly hit $ 20,000 before the bubble burst and he lost it all

Peter McCormack lost nearly £ 1million in Bitcoin

A cryptocurrency investor who lost nearly £ 1million in Bitcoin says he doesn’t regret losing his money.

Peter McCormack, 42, started investing before digital currency gained media attention.

Its boom saw the price of crypto rise dramatically before the bubble burst and it completely collapsed in January 2018.

Mr McCormack, a former advertising manager, deposited £ 5,000 in digital currencies in 2017 at a time when Bitcoins were running around $ 600.

He bought seven or eight and spent the rest on other cryptocurrencies. Before that, he had dabbled in Bitcoin in 2013 and “lost money”.

Bitcoin is risky and you need to be prepared to see your cash flow fluctuate (

Picture:

Getty Images / Westend61)

But Mr McCormack admitted he quickly ‘got hooked’ on investing and ended up investing £ 23,000 in total.

By mid-spring 2017, his investment was around $ 300,000, and by summer it was half a million.

It didn’t end there, and soon Mr McCormack started dreaming of earning £ 5million to buy his local football club Bedford Town.

He estimated that it could get there within six months if Bitcoin continued to swell at the same rate – but unfortunately, it doesn’t.

The cryptocurrency shot up to nearly $ 20,000 at the end of 2017 and Mr McCormack admits that’s when it “got a little out of hand.”

“My wallet had swelled to around $ 1.2 million,” McCormack told The Guardian.

Have you lost or gained money using Bitcoin? Let us know: [email protected]

“At that time, I was traveling the world doing interviews for my podcast, taking friends to expensive restaurants, and buying extravagant gifts for my family.

“I’m not the sort of tidy-up for the future, and although I donated £ 6,000 to my local hospital, a lot of my spending was pretty frivolous.”

But at the end of January 2018, the bursting of the Bitcoin bubble had indeed burst – and its value fell.

Cryptocurrencies are extremely volatile, which means they are susceptible to fluctuation over time.

This means that if you choose to invest, you must be prepared to see your money go down and potentially rise.

Man explains why he chose to take his entire salary in Bitcoin

You should always do your research first and be aware of the risks before investing in a cryptocurrency.

Before its massive crash in early 2018, Mr McCormack said there were a few declines in Bitcoin in 2017, but it has rebounded.

“I wasn’t too worried,” admits McCormack.

“But for the rest of the year, I saw it go down more and more, along with the other cryptocurrencies I had invested in.

“All the time [I was] thinking: Well, there’s no point in selling now… ”

started investing in crypto in 2013 where he “lost money”

Yet despite his experience, Mr McCormack says he has no regrets, because during this time he started the What Bitcoin Did podcast.

He also separately told the Financial Times that he continues to invest personal and business profits in cryptocurrency, which he plans to hold over the years.

Mr. McCormack did not specifically say how much he invested or how his investment is working.

Investing in cryptocurrencies is not a guaranteed way to make money as it fluctuates wildly.

Bitcoin is currently at its lowest level in six weeks, trading at $ 55,460.96 today, according to data from CoinDesk.

It hit an all-time high of nearly $ 69,000 earlier this month.

Cryptocurrency like Bitcoin is also only regulated in the UK for money laundering purposes.

Read more

Has bitcoin fallen? Price crash wipes billions from crypto market

Read more

75-year-old man loses £ 1,550 in Christmas savings after being targeted by WhatsApp scammers

[ad_2]