I Wasted My Money on Bitcoin: Billionaire Asset Manager

Bitcoin forayed into the financial markets ten years ago and became a benchmark asset to a new wave of trading instruments now known as cryptocurrencies. But for South Africa’s richest woman Magda Wierzycka, it is not worth an investor’s dime.

The co-founder & chief executive of financial services company Sygnia Asset Management said in an interview that she wasted a lot of her money on buying bitcoin. She called the cryptocurrency “the biggest skeleton in her investment closet,” adding that her husband never forgave her for losing money on a nascent investment vehicle.

“I bought my first Bitcoin at $4,000 and my last Bitcoin at $18,000, and watched it plummet – literally – the week after,” Wierzycka said. “I was completely caught up in Tulip Mania, I completely bought into the story that this is the digital gold – the digital store of value.”

The billionaire investor was referring to bitcoin’s famous yet notorious bull run towards the $20,000 level in…