Politics
I became a Bitcoin millionaire after investing my life savings – I ‘retired’ at 35 but being rich is BORING
A MAN who threw his life savings into Bitcoin and quickly became a millionaire before leaving his job has claimed being rich is BORING.
The investor says he feels like he’s used a “cheat code” and doesn’t deserve the fortune after a “lucky bet” on the cryptocurrency gave him stacks of cash.
A man made millions investing in Bitcoin – despite is being incredibly risky – but says being rich is ‘boring’
Working as a content creator for almost a decade – a career that allowed him to travel and book into plush hotels and enjoy luxurious dinners – the man saw his salary soar from around £25,000 to ten times that amount.
He says he “never acquired a taste for expensive things” and so saved a good chunk of his salary each year.
In 2014, he discovered Bitcoin and says he “fell deep down the rabbit hole” and put almost everything he had tucked away into it – a dangerous move as buying any cryptocurrency is incredibly risky.
Posting on Reddit, he said: “I know that many here think bitcoin in a huge speculative gamble and after riding through a major up and down, you are preaching to the choir.
“Regardless, I love the idea of it and fell deep down the rabbit hole– reading and watching every bit of content I could find.
“Over the span of a year and a half I put almost everything I saved into it – figuring my earnings would set me back ahead even if it tanks. (Again, crazy/foolish I know).”
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By 2017, he was able to cash out more than £2million after tax.
He added: “Around this time, I was trying to learn how to “live off the interest”, get off that crazy rollercoaster, invest responsibly.
“I jammed everything into a simple three fund index-based portfolio of US Equity/Foreign Equity/Bonds.”
He kept working, but “way less” for almost two years but he says everything “mentally changed” for him as the “excitement was stripped from doing work” as he could afford the luxuries at this point without the job.
After hitting more than £26million in 2019, he decided to “take a break completely from work” and took time to travel, visit friends and start new hobbies.
Despite his unbelievable fortune, the man says he now has a “two fold problem” as he feels he can’t “recreate” the excitement of his life with just money, while also feeling like he “doesn’t deserve” the cash.
“I’m at the same mental place a lot of people get to when they hit their number,” he said.
“I used to looove my job and it was a source of lots of excitement in my life. Hard to recreate that with just money, but I also don’t feel like doing the work it takes just to get the high status stuff.
5 risks of crypto investments
THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.
Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
Marketing materials: Firms may overstate the returns of products or understate the risks involved.
“Two, I don’t feel like I deserve this at all because I got here earlier with a lucky bet on crypto.”
The man feels he would have become rich anyway through his job, but later in life when he says he “would have felt he actually earned it”.
“Basically, it feels like I used a cheat code on my life and now I’m not sure how to make it fun again,” he added.
“And don’t feel like I “deserve” to FIRE (financial independence, retire early).”
Despite this man’s “luck” with Bitcoin, buying any cryptocurrency is incredibly risky.
With any investment, there is a risk that the value of your money could go down as well as up. That means you should only invest money you can afford to lose.
Crypto can be riskier than other investments because they are volatile and speculative – their price often rising and falls very quickly, sometimes seemingly for not reason.
Many cryptocurrencies have a short track record, making them difficult to understand and predict.
This type of investment is also not protected by the regulator which means you have no protection if things go wrong.
The UK regulator has warned that Brits risk losing ALL of their money if they invest in cryptocurrencies.
If you are considering investing in any type of crypto, do your research first and only invest money you can afford to lose.
Be wary of scams, too, as the crypto market is often a target for fraud.
Look out for fake celebrity endorsements or social media profiles pushing certain coins.
The risks of buying with cryptocurrencies
Investing and making a purchase in cryptocurrencies such as Bitcoin is risky .
Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.
Investing in cryptocurrencies is not a guaranteed way to make money.
You should also think carefully about making purchases with a cryptocurrency.
For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis.
The price of a Bitcoin was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later.
That’s a 15% drop.
These price swings are risky for a business as you could sell an item for a Bitcoin at one price and the value may drop soon after, leaving you with less money from a sale.
Similarly, the price of Bitcoin has soared by more than 21% since the start of this week so it can be hard for a shopper to get an accurate idea of the price of an item if its value changes on a daily basis.
