Erroneous Investment in Cryptocurrencies Let to Losing Millions of Dollars

Erroneous Investment in Cryptocurrencies Let to Losing Millions of Dollars

Investment in digital currencies is not that simple. There are many who have passed this route and paid so much for its lessons and experiences. Generally, investment in each field has some risks. However, through learning from the others’ experiences at least some mistakes can be avoided.

Japanese billionaire Masayoshi Son had a big bet on Bitcoin market and lost it. According to the reports, SoftBank founder lost his $130 billion due to the mistimed bubble of cryptocurrencies at the end of 2017.

It is not clear how much he has entered Bitcoin, but it was estimated about $24 billion. Masayoshi Son supposedly bought Bitcoins worth $20,000 at the end of 2017 and at the beginning of 2018 when the Bitcoin price faced a strong decrease; he has sold them and lost $130 million. (Bitcoin price reached $3200 after its drop.)

Buying Bitcoin at the height of the Market bubble

Masayoshi Son who is the second Billionaire in Japan was convinced by Peter Briger, his colleagues, to invest in Bitcoin. Briger’s Fortress research group has been active in storing Bitcoin since 2013 which is eventually bought by the SoftBank in 2017. The advisors consider him the Bitcoin myth who bore such loss and use Masayoshi as an example. At the beginning of 2017 the value of Bitcoin increased to 2000 times and Masayoshi should have known well that this time was not ripe for the investment as a successful and skillful investor.

In January 2018, the Bitcoin value fell to half, i.e., $10,000. What took place was just a cold and merciless winter for the cryptocurrencies which is not even clear if it is finished or not.

Masayoshi Is Not the Only Victim of This Event

Masayoshi is not the only person who got tricked by the high value of Bitcoin. Many have lost all their assets and even their home and belongings because of that. Outstanding investor of Bitcoin perhaps is Peter McCormack, who lost his $1million in a falling market. Until 2016 he has launched his promotion agency, and in its early days of activity, it was very successful. A team of 35 and £3 million turnover was all he had in this agency. However, when this agency ceased, he decided to enter investing in Bitcoin.

He started with a £5,000 investment. In the middle of spring of 2017, he earned $300,000, and it got to $0.5 million in the summer. At the end of 2017, the Bitcoin price increased to $20,000, and after the Bitcoin bubble breaking down in late January, all Peter McCormack’s asset was lost.

Peter McCormack like Masayoshi is not alone in the story since Sean Russell, and Michel Rauchs are other victims of this cryptography bubble too.

Will the Price Be Finalized?

Masayoshi’s loss is an exact remembrance that says the attempt to pass Bitcoin price fluctuations is a hard work that even skillful investors make mistake in.

Currently, Bitcoin has shown good signs after being placed at a high level of trades. Just Bitcoin price has increased 40% such that the analysts say that there is an approximate probability of 95% too.