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Man Bets Life Savings On Bitcoin And Loses Everything

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Man Bets Life Savings On Bitcoin And Loses Everything

Bitcoin is a fickle beast. And one man found out the hard way just how fickle it can be when he lost his life savings.

Yep. The unnamed Reddit user bet everything he and his partner had on the cryptocurrency but it really didn't pay off.

In a post to the social media site, the man explained what happened and warned others about the dangers.

Writing in a Bitcoin subreddit, the man said: "I completely messed up guys, my life savings are gone for good, I have learned a devastating hard lesson."

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He explained that he and his wife had managed to acquire 1.7 BTC, which in the current market, is worth about £58,400.

Credit: PA
Credit: PA

Over the course of a decade, the couple had worked hard to save as much as possible, taking odd jobs here and there.

"I started future trades and managed to turn the 1.7 BTCs into 2.1 BTCs, the classic beginner luck," he said.

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However, the couple's dream came crashing down when he put all the money into a type of trade called leverage futures, which is where you bet that Bitcoin's value will continue to rise.

And the man still hasn't told his wife what happened.

"Of course it didn't play out, BTC went from touching 50k $ down to 47k $ and our whole life savings have been wiped out," the man recalled.

"I still haven't say anything to my wife, she doesn't know that and this is killing me from the inside. I just don't know what to say to her, I'm simply devastated. I barely can watch myself in the mirror."

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Credit: PA
Credit: PA

He then shared screenshots of trades to show how they were being liquidated as Bitcoin's value fell.

Ending his tragic tale, the man then urged others to be careful when betting on Bitcoin.

He said: "Please follow my advice, don't trade guys, don't fall into these marketing traps like I did."

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But he's not the only person who's had a tough time in the world of crypto.

Last month, KSI revealed that he lost £7 million after investing in Bitcoin.

Credit: PA
Credit: PA

The YouTube superstar said that he sank £2 million of cash into the cryptocurrency, and made £7 million for his efforts, but then lost it all when Bitcoin crashed.

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Speaking on the Private Parts podcast, KSI - real name Olajide Olayinka Williams "JJ" Olatunji - said: "I put £2 million [in] last year, November/December, but this was in cryptocurrencies - I made £7 million, and now I've lost it all.

"Yeah, [I'll have to release] another EP.

"It's been a full journey, but I had to experience it. I had to really delve into the whole crypto-space, and you know, I fully understand that now.

"I put money into things where I essentially leveraged myself and I kind of over-leveraged myself to a point where I lost money, because I got liquidated, so I put a lot of money into something I got liquidated because of the Bitcoin crash."

Featured Image Credit: PA

Topics: Bitcoin, World News, KSI, Finance, Reddit

Dominic Smithers
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