Watch Out For Risks, Airline Crew Warns After Getting Burned in Crypto MarketSep 11, 2018 at 20:08
There’s a reason why investment gurus have continually reminded newbies to know what you’re getting into first before jumping in.
Take this airline crew member who took out a huge loan to invest in cryptocurrencies. Little did he know that the amount he invested would just turn into huge losses and make him end up deep in debt.
Now he’s on a mission to warn prospective investors to watch out for risks and to think twice before diving into the volatile cryptocurrency market.
A 32 year-old French cabin crew member borrowed Dh 367,000 from a bank to invest in the cryptocurrency market after being told of bagging quick returns in a WhatsApp group.
However, the cryptocurrency market has nose-dived this year, wiping out gains from the record performance registered in late 2017.
Not only did he lose his investment, the crew member shared in a Reddit post that he has now incurred a large sum of money, equivalent to two-thirds of his Dh12,000 monthly salary for a period of three and a half years, according to a report by UAE-based online news publication The National.
“I earn around Dh12,000 a month and am paying back Dh8,000 of that to the bank,” he said.
The Frenchman told the online publication that he started investing in small amounts in September last year.
“I invested my own money in September last year and it went very well. I made three or four times more than I had put in,” he said. “I decided to take a loan out at the end of the year to invest more money into it.”
That’s when he got overconfident and borrowed money to put into Lumen (XLM), Neo, Ripple (XRP), Ethereum (ETH) and Litecoin (LTC) investments.
“I made over Dh100,000 in 10 days and everything looked great,” he said. “But I did not cash out then. I had no experience in the stock market and just thought the money would grow.”
Now, the airline crew member is hoping the tides would turn to his favor to get his investment back.
“I am not going to invest any more but I am going to keep what I have where it is and hopefully it will go back in value,” he said.