RATE Group | Fool Regrets Taking $100,000 Loan to Invest in Cryptocurrency
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Fool Regrets Taking $100,000 Loan to Invest in Cryptocurrency

03 Sep Fool Regrets Taking $100,000 Loan to Invest in Cryptocurrency

Posted at 23:09h in Cryptocurrency News by

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An airline cabin-crew member living in Abu Dhabi has been warning of the risks of cryptocurrency investing. The French expat took a 367,000 dirham loan (around $100,000) towards the end of last year — and we all know what happened then.

EasyBet

Monsieur heard about the cryptocurrency ‘golden goose’ through a work WhatsApp group — so who wouldn’t trust that?

He invested a little of his own money back in September and made gains of 300-400 percent.

Now fully convinced of his own investing genius, he convinced a bank to agree on the hefty loan amount. Armed with a virtual suitcase full of cash, he plowed the lot into a whole bunch of altcoins: Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Stellar (XLM) and NEO (NEO).

Skittish Airways

Things started well. After ten days, he was up almost $30,000 on his investment — but, if you will get your financial advice from a free WhatsApp group, you’re getting what you pay for.

Thinking that the only way was up, he chose not to cash…

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