Over the past year, a lot of investors in the crypto space have losts a lot of money in the bear market. Those bearing the greatest losses are those that invested in the digital currency market when it was at its peak in December 2017. However, there are still people out there that still believe in Bitcoin (BTC) and the entire digital currency market.
Recently, a Bitcoin (BTC) investor that lost $1M in the bear market came out to express his belief for the crypto market. The Bitcoin investor goes by the name “Peter McCormack,” and he believes the original digital currency is still a “force for good.” Nevertheless, he warns that people should be more careful with their money.
In a statement, McCormack said, “I wish I had taken everything out before the bubble burst. I have earned money in the past through hard work and enjoyed it more.”
Investors Were Caught Up in the Hype around the Crypto Market
Peter McCormack ventured into the Bitcoin (BTC) space back in 2016 after the folding of the London advertising agency he was managing. That was the year he invested in the digital currency. McCormack said his initial investment was $6,400.
As the value of the digital currency increases, he pumped in more cash and bought more Bitcoin (BTC). When the value of his holding surged to $300k in spring of 2017, he was hooked. He said, “As excitement built, more investors came into the crypto space, creating the conditions for a bubble. But many of us were too caught up in the hype to exercise caution.”
In December 2017, when the value of Bitcoin (BTC) surged towards $20k – the portfolio of McCormack had spiked to $1.2 million. He said that the escalating media coverage of the digital currency market then fueled the BTC mania. The erratic price fluctuations of the digital currency commanded countless headlines.
McCormack Sold His Holdings
By January last year, the value of Bitcoin (BTC) declined significantly from its all-time high. As a result of the massive plunge, McCormack lost most of his money. Despite his ugly experience, he still believes that the digital currency “is a force for good.”
For instance, he pointed out that women are not allowed to open bank accounts in Afghanistan. But they can work and receive payment in Bitcoin (BTC). He said that he is now mainly focused on exploring how Bitcoin (BTC) could help stabilize an increasingly volatile world.
The riches-to-rag story of Peter McCormack is being flaunted across social media platforms as a cautionary tale about the dangers of digital currency. Nevertheless, it is worth noting that a lot of people have lost more money on traditional investments than on crypto. This has not still slowed down the interest of investors in the Bitcoin (BTC) and crypto space, as more investors and institutions are still venturing into the crypto space.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) is currently priced at $3,962 after a decrease of about one percent over the past twenty-four hours. The largest digital currency in the world by market cap currently boasts of a market cap of $62.99 billion with a trading volume of $2.97 billion over the past twenty-four hours.