Despite $1 Million in Crypto Losses, Investor Still Believes Bitcoin is a “Force for Good”
The recent cryptocurrency bear market has not been kind to investors. Many have lost a significant amount of their investment, but still, hope that things will eventually change for the better.
One particular bitcoin investor – Peter McCormack – who lost a staggering $1 million is still of the belief that bitcoin is a “force for good.” He, however, advises other people to be more careful when making an investment.
Writing to the Guardian, McCormack noted that:
“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.”
McCormack Made Almost $1 Million And Then Lost It Again
McCormack says that he had made a lot of money in bitcoin, but later lost almost everything, regretting why he had never opted out when the prices were dwindling. He told the Guardian that he first deposited 5,000 pounds in 2017 when bitcoin was mere $600. He said that he bought about seven or eight BTC and spent the rest on other cryptos, all of which made him a total of 23,000 pounds,
By spring 2017, McCormack’s investment had grown to an incredible $300,000, and then to half a million by summer. At that time, he says that interest in bitcoin was growing, and his friends were asking him how they could join.
The peak of bitcoin, which was at the end of 2017 when prices surged to $20,000, McCormack had made a cool $1.2M. He decided to wait, aiming for 5 million pounds.
And Things Got Out Of Control….
The few drops in 2017 didn’t worry McCormack because every time there was a drop the value of bitcoin bounced back. In 2018, things seemed to get out of control as the price of bitcoin suddenly fell. He wasn’t worried, but as the year progressed, he watching his money sink lower, hoping it would bounce back.
“But over the rest of the year, I watched it sink lower and lower, along with the other cryptocurrencies I had invested in, all the time thinking, “Well, there’s no point selling now…” That was my attitude throughout last year, as bitcoin’s value continued to fall. Pretty much everything I had built up was wiped out.”
McCormack ended up with a big loss and wished that he had taken out everything before the prices crashed. He, however, still believes in bitcoin and his main focus now is to explore how bitcoin could be utilized to stabilize the increasingly volatile world.