Investing | Article

I Made US$20,000 Losses In Cryptocurrency, Because I Didn’t Have Enough Savings

by The Simple Sum | 19 Feb 2024 | 3 mins read

I bought crypto before many other people did. In 2017, I got to know about these assets through work and research.

Some were discussing mining crypto and there were others who showed me how to buy crypto with a crypto wallet. People were even sending me free crypto to get me hooked. It was very intriguing to buy and own virtual tokens that were in their own world, or perhaps out of this world.

Every day I would log into Coinbase and Coinhako to watch the top cryptocurrencies trading and fluctuating in value at a crazy speed.

When my annual bonus came from my salary, I decided to go all in and use it all to buy some Bitcoin for myself. At that time 1 Bitcoin was worth US$18,630.

How much is Bitcoin worth today? For context, 1 Bitcoin is worth US$52,207, as of Feb 16, 2024.

I know what you think, if I didn’t sell my crypto I would probably have made up to almost three times more than how much I invested. That’s 300% in gains in seven years.

So how did I lose US$20,000? I sold my entire Bitcoin fortune in 2020, for my wedding.

I had met someone really special and was planning for my future and that would mean buying a new home and hosting a wedding ceremony.

But the funny situation about that time was that while I was rich in crypto, I was poor in cash.

How could this have happened? I guess I didn’t expect to tie the knot so quickly and I never thought I should actually set aside some savings for the real world as well.

I was also grossly unaware of how much a wedding banquet can cost, as even during a pandemic it was expensive.

Would I have opted out of my wedding banquet? I doubt it because it was always my dream since I was a child to walk down the aisle in a nice wedding dress when I got married.

The double whammy hit me when Bitcoin rose to an all-time high in 2021, with values exceeding US$65,000. Imagine how I felt staring at my blank crypto account.

How much do you think I would have made if I had held on a few more months? Definitely enough to not need to work for one to two years.