A billionaire from South Africa told how I wasted my money on bitcoins

Bitcoin entered the financial markets ten years ago and since then has established itself as the reference asset from the trade tools of the new wave. Now these tools are known as cryptocurrencies. However, according to one of the richest women of South Africa Magda Wiecki, “this market is not worth a cent”.

Co-founder and Executive Director of financial company, Sygnia Asset Management said that he spent a lot of money wasted buying bitcoins. Moreover, she called cryptocurrency “the biggest skeleton in her closet investment” and said that her husband would never forgive her for embezzlement on emerging assets.

Quote the women were following.

I bought my first BTC for 4 thousand dollars, and the last one for 18 thousand. And then just sat and watched it all falls. Then I was completely consumed by that of”Tulip mania”, and I really bought into the fact that this digital gold. That is the digital equivalent conservation values.

Of course, you understand that we are talking about cryptocurrency HYIP in December 2017, when Bitcoin price reached almost $ 20 thousand dollars. Under the influence of a wave of interest in the then turbulent market ICO — initial or sentence tokens, Bitcoin has increased several times, being the main and almost the only way of entering Fiat money on the stock market. While the rapid growth has encouraged many investors to buy cryptocurrency even at the local highs. In the end the bubble burst and Bitcoin, along with an alternative crypto-currencies have fallen more than 80 percent.

In 2018, the price of Bitcoin fell more than 80 percent. Source: TradingView.com

Trust issues

Bitcoin completed in 2018 at around $ 3,100. Since then, he has managed to recover more than 200 percent and yet engages in the area of 10 thousand dollars. However, this is still insufficient to re-gain the trust. At least, so says Magda Wiecki.

I don’t care. I lost a lot of money. And never going to trust Bitcoin or something like that.

It should be noted, it is not one. A sharp collapse of the stock market led to the formation of the whole layer of nasty stories in social networks. A large number of investors have lost their money in 2018. A known representative of the Bitcoin community Peter McCormack, who leads the cryptocurrency podcast, also told the Guardian a story about how they lost about a million dollars. In his personal column on the newspaper’s website he writes the following.

First I gave 5 thousand pounds. Then, in January 2017, bitcoin was worth about $ 600, so I was able to buy seven or eight coins, and the rest spent on other cryptocurrencies. But for the next few weeks, I was completely absorbed and was dumped from a wad of money — 23 thousand pounds […] At the end of 2017 Bitcoin has risen to almost 20 thousand, and my portfolio has risen to about 1.2 million pounds. And then I have suffered.

It is clear that the market decline seriously cut the dollar equivalent of the portfolio of Peter.

Source: 2Биткоина

But unlike a business woman from South Africa, McCormack still believes in Bitcoin. Moreover, he continues to preach about it and actively defend, which even received a claim from the infamous Craig Wright, nicknamed Lustosa.

According to a report by the American Finance company Credit Karma, 2018 residents of the United States lost approximately 1.7 billion dollars. And this statistic takes into account only those who filed a tax return. And judging by the fact that the IRS has started to send letters opposers maintain records, the total loss would be even greater.

By the way, not everybody loses money on the cryptocurrency: an Anonymous trader bought 45 bitcoins for $ 14. How did he do it?

In our cryptodata you will find lots of other useful information.

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