A bitcoin investor who lost $1 million in the bear market still believes the original cryptocurrency is a “force for good.” However, Peter McCormack warns others to be more careful with their money.
“I wish I had taken everything out before the bubble burst,” McCormack wrote at the Guardian. “I have earned money in the past through hard work and enjoyed it more.”
McCormack started investing in bitcoin in 2016, after the London advertising agency he managed folded. He says he started with an initial investment of £5,000 (US$6,400). As prices rose, he bought up even more BTC. When the value of his holdings spiked to $300,000 in the spring of 2017, McCormack was hooked. As excitement built, more and more people got involved, forming the conditions for a bubble. But many of us were too caught up in the hype to exercise caution.