An Abu Dhabi-established cryptocurrency investor has shared his own story of getting taken a six-figure loan to fund virtual money investments simply to observe his portfolio shed 85 percentage of its worth. The investor has shared his own story in the hope it may act as a lesson to other people.
Trader Takes Out Six-Figure Loan into Buy Crypto During December 2017
Crypthomie, a Reddit user identifying as a 32-year-old man living in Abu Dhabi, recently submitted a photograph of his repayment schedule pertaining to some six-figure loan he performed on the 18th of December, 2017.
The Redditor borrowed 338,000 dirhams (approximately $126,500 USD), with a total outstanding amount of 393,296. The document summarizes a repayment program of 8194 dirhams ($3067 USD) monthly until December 14, 2021.
The investor composed: “Here is my bank installment related to the loan I took to invest in crypto. Still three-and-a-half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85 per cent loss. I hope it gives you a lesson.”
Investor’s Portfolio Loses 85percent
Crypthomie said that his cryptocurrency portfolio included NEO, XLM, ETH, and LTC, along with “some shitcoins that lost 95 per cent of their value already.”
Since that the 18th of December, NEO has dropped 78percent from $75 into the present cost of 16. 50, and more than 91percent from the mid-January highs.
XLM seems to have become the best performing of Crypthomie’s investments, falling by 18percent from $0. 275 about the 18th of December to $0. However, XLM has dropped 75percent from the January high of 0.
ETH has dropped by more than 60percent from $725 on the 18th of December, also by 80percent from its own all-time high $1, respectively 400 submitted at the beginning of the year. LTC has dropped 83percent from the December 18 drops of $320 to now be trading at approximately $55.
Loans Easily Available at the United Arab Emirates
Crypthomie explained the loan as containing a “simple loan” that banks provide out “almost instantly in UAE,” including “You can get $100,000 within [a] few days [in] your account without much verification.”
“I’m 32 and it was my first speculative investment. I think it’s an age where we’re still unconscious and take [a] lot of risk[s] if we don’t have big responsibilities like a kid or bills to pay,” he explained.
What is the answer Crypthomie’s narrative? Join the dialogue in the comments section below!
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Original post first appeared in https://news.bitcoin.com/trader-gets-six-figure-loan-buy-crypto-holdings-drop-85/