Peter McCormack Shares Story About Turning $32,000 into $1.2 Million and Back Down to Zero
During the bull market that virtual currencies experienced during the last year, several individuals were able to make millions of dollars on their early investments in the popular virtual currency. However, since Bitcoin reached $20,000 the price of the most popular virtual currency plummeted and reached new year lows a few days ago, close to $3,300.
Peter McCormack, producer of the crypto podcast WhatBitcoinDid shared his story about how he went from $32,000 to $1.2 million but came back down to zero. On Twitter, he narrated his story and how the last two years he experienced such an amazing ride.
He started by explaining that when his advertising agency folded, he decided to put some funds into Bitcoin (BTC), Ether (ETH) and many other virtual currencies such as Dash or Monero (XMR). His investments started back in December 2016 when Bitcoin was close to $900.
He went on explaining that he had between $300,0000 and $500,000 in March. He took away 25% from the funds he earned but he decided to re-invest them by the end of the summer. By December 2017, he already had $1.2 million.
Furthermore, he said that he wanted to make $5 million since he wanted to buy Bedford Town Football Club and allow them to reach the league. He said that he just needed 6 more months for Bitcoin to reach that goal. At the same time, he was performing trading activities, being the first income, the podcast was his second income, he then had mining income and a consulting work that allowed him to earn some more money.
When the market crashed he did not think that Bitcoin was going to enter a new bear trend. Indeed, he said that he believes that the market was going to recover as it recovered in 2017. However, this did not happen, and the market keeps falling.
He explained that he lost also money with mining activities. The number of miners entering the space increased during the first 8 months of the year. Bitcoin hash rate reached all-time highs in August, but it is now down almost 50% from that moment. During the last few months, miners have been shutting down their operations since crypto prices do not help users to remain profitable.
At his peak, he had around 150 BTC, which would be worth now $495,000 and $3,000,000 when Bitcoin was $20,000. Now he has less than 80 BTC. After he will pay the tax bill, he says that all his funds will be gone. He is grateful that he has a podcast that generates an income, something that is more reliable to live than investing solely in virtual currencies.
Now he mentioned that he sold most of the BTC he had as an insurance for the podcast in case he has a bad month. At the same time, he says that he is responsible for his kids and must take care of hem.
He said about investing in virtual currencies:
“If there is another bull run and you make a bunch of cash then remember to take profits. Don’t overstretch yourself. People say don’t invest what you can’t afford to lose, well don’t keep in Crypto profits which will change your life.”
At the time of writing this article, Bitcoin is trading close to $3,300 and it has a market capitalization of $57.6 billion.