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I became a Bitcoin millionaire after investing my life savings

A MAN who threw his life savings into Bitcoin and quickly became a millionaire before leaving his job has declared wealth as BORN.

The investor said he felt as though he used a “cheat code” and didn’t deserve the fortune after a “lucky bet” on crypto brought him a pile cash.

A Man Who Has Made Millions Investing In Bitcoin - Though Extremely Risky - But Says Being Rich Is'Break'

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A Man Who Has Made Millions Investing In Bitcoin – Though Extremely Risky – But Says Being Rich Is ‘Break’

Working as a content creator for nearly a decade – a career that has allowed him to travel, book luxury hotels and enjoy lavish dinners – this man has saw his salary increase from around £25,000 to 10 times that amount.

He says he “never liked expensive things” and as a result, he has saved a decent portion of his salary every year.

In 2014, he discovered Bitcoin and said he had “fallen down a rabbit hole” and put almost everything he hid in it – a dangerous move because buying any cryptocurrency is extremely risky.

Cryptocurrencies are volatile and can rise or fall quickly, and investors risk losing all their money.

Posting on Reddit, he said: “I know that a lot of people here think bitcoin is a huge speculative gamble and, after going through a big ups and downs, you are preaching to the choir.

“Despite that, I loved the idea of ​​it and was deep in the rabbit hole – reading and watching every bit of content I could find.

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“In about a year and a half, I’ve put pretty much everything I’ve saved into it – calculating my income will get me back to the front even if it goes up. (I know again, crazy/stupid).”

By 2017, he was able to earn more than £2m after tax.

He added: “This time around, I’m trying to learn how to ‘live on zero’, get off that crazy roller coaster, invest responsibly..

“I’ve stuffed everything into a portfolio based on three simple fund indexes, Equity/Foreign Equity/American Bonds.”

He continued to work, but “less so” for almost two years but he said things “have changed mentally” for him because “the excitement has been stripped away from working” because he can afford luxuries at this time without work.

After hitting more than £26m in 2019, he decided to “take a break from work” and spend time traveling, visiting friends and starting new hobbies.

Despite his incredible fortune, the man says he currently has a “double problem” as he feels he can’t “recreate” the excitement in his life with money alone, at the same time felt he was “not worthy” of the cash.

He added: “I’m in the same mental place that a lot of people go to when they hit their number.

“I used to love my job and it’s been a source of so much inspiration in my life. It’s hard to recreate that with just money, but I don’t feel like working just to get things, either. high status.”

5 Risks When Investing in Cryptocurrencies

The Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.

  • Consumer protection: Some crypto-based high-return promotional investments may not be subject to regulation beyond anti-money laundering requirements.
  • Price volatility: Significant price volatility in cryptocurrencies, combined with the inherent difficulties in valuing cryptocurrencies reliably, puts consumers at high risk of loss.
  • Product complexity: The complexity of some crypto-related products and services can make it difficult for consumers to understand the risk. There is no guarantee that cryptocurrency can be converted back to cash. Converting a cryptocurrency back into cash depends on the demand and supply available in the market.
  • Fees and charges: Consumers should consider the impact of fees and charges on their investment, which may be more than the impact of fees and charges on managed investment products.
  • Marketing materials: Companies can overstate product returns or minimize the risk 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 will get rich anyway from his work, but later in old age when he says he “will feel like he really earned it”.

“It basically feels like I’ve been using cheat codes in my life and now I’m not sure how to make it fun again,” he added.

“And don’t feel like I ‘deserve’ FIRE (financial independence, early retirement).”

Despite this man’s “luck” with Bitcoin, buying any cryptocurrency is extremely risky.

With any investment, there is a risk that the value of your money could go down as well as increase. That means you should only invest money that you can afford to lose.

Cryptocurrencies can be riskier than other investments because they are volatile and speculative – their prices often rise and fall very quickly, sometimes for seemingly no reason.

Many cryptocurrencies have a short track record, making them confusing and difficult to predict.

This type of investment is also not regulated by the regulator, which means you won’t be protected if things don’t go your way.

The UK regulator has warned that Britons risk losing ALL of their money if they invest in cryptocurrencies.

If you are considering investing in any cryptocurrency, do your research first and invest only the amount you can afford to lose.

Also be wary of scams, as the cryptocurrency market is often a target for scams.

Attention fake celebrity endorsement or social media profiles pushing certain coins.

Risks of buying with cryptocurrencies

Investing and buying with cryptocurrencies like Bitcoin is very risky.

Their value is volatile and the City watchdog the Financial Conduct Authority has warned investors to be prepared to lose all of their money.

Investing in cryptocurrencies is not a guaranteed way to make money.

You should also think carefully about making purchases with cryptocurrency.

For example, Bitcoin has experienced dramatic price swings in recent months, and prices can change almost hourly.

Bitcoin price was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later.

That’s a 15% discount.

These price movements are risky for a business because you can sell an item with Bitcoin at one price and the value can drop shortly after, leaving you with less money from a purchase or sale.

Similarly, the Bitcoin price has increased by more than 21% since the start of this week, so it can be difficult for buyers to get an accurate idea of ​​the price of an item if its value changes on a daily basis.

Crypto investor discusses bitcoin in 2011, before it gave him a life of luxury

https://www.thesun.ie/money/8071009/bitcoin-millionaire-investing-savings-rich-boring/ I became a Bitcoin millionaire after investing my life savings

Fry Electronics Team

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