I JUST LOST $$$$$ IN CRYPTO

You are currently viewing I JUST LOST $$$$$ IN CRYPTO

I JUST LOST $$$$$ IN CRYPTO

  • Post author:
  • Reading time:3 mins read

Last week was a rough ride for all cryptocurrencies. Bitcoin dropped more than 60% from its all time high to $21,000. Ethereum and other crypto’s followed Bitcoin in a downward path. China started to crack down on Bitcoin miners and restricted all financial institutions from dealing with crypto. Countries AND certain states are inviting Bitcoin Miners to move from China. The Dogecoin Millionaire, Pro the Doge, lost $2 Million. Now with everyone buying the dip, Bitcoin is now back in the $30,000’s and Ethereum is back around $2000.

Am I worried? Did I gain more gray hairs or worse, did I lose any hair during this crypto crash? How much money did I lose on my Bitcoin, Ethereum, and Cardano investments through Coinbase and BlockFi?

The truth is that I didn’t lose any money. How is that possible? When Ethereum reached its peak around $4000, I sold my initial investment in crypto. I bought Cardano by trading my free Coinbase crypto’s that you get when you watch a few videos on different cryptos. I swing traded Bitcoin for a few weeks in January and February before I decided to sell everything and start mining Bitcoin. Technically, all of the money I have in crypto is house money that is unrealized. I don’t need to pay taxes on it unless I withdraw and I don’t need to worry about crazy swings in the volatile crypto market.

While some of my friends and neighbors literally lost thousands of dollars, I didn’t lose anything. I didn’t panic and I didn’t sell. I don’t intend to touch any of that money over the next decade. As I watch my investment grow, I intend to use crypto to pay for a Porsche Cayman S, my dream car, and other fun stuff. Subscribe to my monthly newsletter to keep up with the latest news on my personal finance.

Affiliate Link Notice: This post contains affiliate links, which means I may earn a small commission at no additional cost to you if you decide to purchase or sign up for a product through my referral links. While you can sign up through any other means, it would help support the blog if you sign up through my links. Thanks.

Hyder A.

Hyder is the engineer and blogger behind Finance Throttle, a blog that helps you accelerate your net worth through personal finance. With a Master’s degree and 10+ years of experience in manufacturing, Hyder is well versed in the topics of engineering economics and financial studies helping him to invest in equipment and reduce manufacturing costs. Hyder is passionate about cars and earning money as he bought a Porsche at 21, became a landlord at 24, and paid off $40,000 in student loans at 25. Along with his wife, they are currently on track in paying off their $282,000 mortgage by 2026 (Only 7 years!)