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Investments in cryptocurrency are risky and a budding investor feels the pain after using a huge bank loan to build a portfolio of loss-making cryptocurrencies.
DYOR and Steer Clear of FOMO
It seems that FOMO has obtained the best of an amateur cryptocurrency investor in Abu Dhabi, which now holds a 85% discount on cryptocurrencies purchased with a bank loan of $ 139,500.
The unlucky investor, who is called " Cryptohomie " on Reddit, currently lives in Abu Dhabi. The documents he shared show a loan for 338,000 United Arab Emirates Dirham (AED) ($ 139,500 USD) taken at the height of the cryptocurrency bull market 2017.
Cryptohomie is on the hook for monthly repayments of $ 3,381 up to December 14, 2021 and the total loan with interest comes to $ 162,333. The amateur investor told Reddit readers:
Three and a half years before being released. Until then, I am not working at all and I have a loss of 85%.
In the end, he is confident that his disgrace will serve as a lesson for others, hoping to hit it quickly by investing in cryptocurrencies.
Not only blindly BTFD
Cryptohomie has stored his wallet full of stellar lumens, NEO, Litecoin, Ethereum and "some shitcoins that have already lost 95% of their value". Many will ask how he was able to guarantee such a large loan.
He explained that it was easy as most banks are happy to lend large amounts "almost instantly in the United Arab Emirates."
"You can get $ 100,000 in a few days on your account without much verification," he added.
To date, the price in bitcoin 0 0 has fallen by over 70% compared to the historic high of $ 20,000 in December 2017.
A difficult lesson learned
When asked how he put himself in such a pickle, Cryptohomie replied:
I am 32 years old and it was my first speculative investment. I think it's an age where we're still unconscious and that we run a lot of risks if we do not have big responsibilities like a baby or bills to pay.
Most Reddit users were generally sympathetic to their arrangement. "I do not think there's anything we can say that you do not go to sleep thinking already," wrote a user.
"How many people did this sort of thing and how many banks lent to encrypt," Another added user.
Cryptohomie seems to take the situation with a relatively good step and jokingly suggests that "if there is a ridiculously wealthy Emirate who does not know what to do with his money, feel free to contact me."
Do you think taking a loan to invest in cryptocurrencies is a wise move? Share your opinions below!
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