RATE Group | This man lost his savings when cryptocurrencies plunged
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This man lost his savings when cryptocurrencies plunged

11 Sep This man lost his savings when cryptocurrencies plunged

Posted at 15:06h in Bitcoin News by

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He bet on Bitcoin and lost nearly everything

An estimated $400 billion has been wiped off the value of major cryptocurrencies since January.

Sean Russell’s life savings were among them.

Russell rarely played the stock market and had little investing experience when he put around $120,000 into bitcoin in November 2017. He was stunned when that turned into $500,000 in just one month.

“I think there was one morning where I woke up, where I made about £12,000 ($15,600) in one morning on my investment and it just kept going,” said Russell. “I was thinking, wow, that’s mortgages paid, that’s holidays that I’ve always dreamed of.”

The dream didn’t last for Russell, who works as a property developer in the United Kingdom, buying homes and fixing them up. The price of Bitcoin surpassed $20,000 in December before collapsing. It now trades at $6,300.

Russell attempted to mitigate his losses by shifting money from bitcoin (XBT) to an offshoot called Bitcoin Cash and other cryptocurrencies including Ethereum and…

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