Back in January, the New York Times profiled
the class of noveau riche Bitcoin millionaires who had gotten
“hilariously rich” on booming cryptocurrency investments. Now that the
market is flattening (it’s now hovering around the low-to-mid $6,000s), another New York Times profile
is shedding light on how much speculators who bought in while it was
surging towards the $20k range have lost, and it’s not really very
pretty.
Some choice sections:
Kim Hyon-jeong, a 45-year-old teacher and mother of one who lives on the outskirts of Seoul, said she put about 100 million won, or $90,000, into cryptocurrencies last fall. She drew on savings, an insurance policy and a $25,000 loan. Her investments are now down about 90 percent.
“I thought that cryptocurrencies would be the one and only breakthrough for ordinary hardworking people like us,” she said. “I thought my family and I could escape hardship and live more comfortably, but it turned out to be the other way around.”
Pete Roberts of Nottingham, England, was one of the many risk-takers who threw their savings into cryptocurrencies when prices were going through the roof last winter.
Now, eight months later, the $23,000 he invested in several digital tokens is worth about $4,000, and he is clearheaded about what happened.
“I got too caught up in the fear of missing out and trying to make a quick buck,” he said last week. “The losses have pretty much left me financially ruined.”
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