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Man Loses Savings On Crypto While Drunk Then Makes £27,000

Man Loses Savings On Crypto While Drunk Then Makes £27,000

Josh Ng ploughed thousands into crypto while on holiday with a group of friends.

Dominic Smithers

Dominic Smithers

A man who lost thousands on Bitcoin and Ethereum after a night of drinking with his mates has now made £27,000 ($50,000) on the crypto market.

Josh Ng, from Sydney, Australia, first dabbled in cryptocurrency during a trip to Tokyo with his friends back in 2017.

Speaking about his investment, the 24-year-old said he decided to plough his money into crypto on the advice of his mates.

But it didn't go too well, with Josh losing £1,700 ($3,000) after the price of Bitcoin plummeted to £53 ($100).

He told's I've Got News For You podcast: "We heard a lot of hype around the cryptocurrency fad, and so we're thinking about investing in it.

Josh Ng lost £1,700 after investing in cryptocurrency.
Josh Ng

"My mate talked to one of his mates, a financial advisor or something, and that guy was saying 'Oh, it can't fail. Like it's doing the next big thing. Invest now you can get rich'.

"So well, without doing any research, one night... we pumped a lot of money in, just sat back and went to bed after that.

"The next morning, just a massive crash, like 30 per cent of the market straightaway, which was incredibly inconvenient for us."

However, Josh wasn't defeated and decided to give it another go.

But this time, he did his homework and was a touch more careful about his approach.

And it paid off, with Josh seeing his £6,400 ($12,000) investment grow to £27,000 ($50,000).

He said: "I kind of just eventually got to a point where I could enter different coins that I knew more about, with a lot more confidence rather than dumping everything into say, ethereum.

Josh has made £27,000 since reinvesting in crypto.

"I haven't really put any more money in, just been watching it grow and then taking profits out and putting it into other coins."

And if he has one piece of advice for other people thinking of taking the plunge, Josh says it would be: "Don't listen to your heart."

Earlier this week, it was revealed that a market-wide crash had brought Bitcoin toppling down under US$60,000 in the space of 24 hours and knocked up to 10 percent off Ethereum, Binance's BNB, Solana, Cardano and Ripple's XRP.

The sudden fall wiped around $200 billion from the combined crypto market, after it hit a record high last week of around US$3 trillion.

The whole market capitalisation fell by around 7.5 per cent after significant growth over the last few weeks.

The crash came after the first major upgrade was made to Bitcoin in four years last week.

Featured Image Credit: Alamy

Topics: Bitcoin, World News, Sydney, Cryptocurrency, Australia