If Resilience Was a Person: A Spirited Story on How to Go Through Bankruptcy and Plan a Comeback in Crypto Trading

In the face of financial adversity, one individual has chosen a path less traveled. This trader’s story is living proof of the human spirit’s resilience and adaptability, demonstrating how one can calmly go through the stormy seas of financial distress and chart a course toward recovery.

A trader, burdened with a disturbing debt of $500,000, found himself on the brink of bankruptcy, per his confession on Coinfessions X handle, yesterday, July 13. His business had shuttered, and he had ceased all minimum payments. His only source of income was the occasional sale of cryptocurrency to his bank account.

The plan now is to burn all of my crypto until it runs out pic.twitter.com/LqBpULexWq

— Coinfessions (@coinfessions) August 13, 2024

Despite the dire circumstances, the trader refused to surrender. He decided to stop all minimum payments and let the creditors sue him, responding with the “big B” — bankruptcy.

Bankruptcy, a legal process that provides relief to individuals or businesses who can no longer afford to pay their bills by offering them a fresh start, which usually begins with a petition filed by the debtor, is often seen as a last resort, a step taken when all other options have been exhausted, and the assets may be used to repay a portion of the outstanding debt.

Using the crypto lifeline

Amid these financial woes, our guy has found a lifeline in cryptocurrency. His only income coming in is from selling crypto to his bank account. Cryptocurrency trading strategies such as Dollar-Cost Averaging (DCA), Swing Trading, and Technical Analysis can effectively manage and grow one’s crypto assets.

DCA, for instance, involves throwing in a fixed amount in a particular cryptocurrency at regular intervals, regardless of its price, and it leads to good returns over time. Thus, the trader plans to begin DCAing into crypto again in the fall of 2025 as we enter a bear market — a period where the value of major cryptocurrencies has fallen at least 20% from their recent highs and is continuing to fall. It’s a time when pessimistic investors believe prices will continue to fall. 

Taking a cue from this trader, you, too, need a well-thought-out trading strategy if you must recoup losses in this crypto trading should things go awry.

The road to recovery

The journey to financial recovery is often long and arduous, but it’s not impossible. The trader planned to exhaust all his cryptocurrency holdings before filing for bankruptcy. He even booked vacations to the Dominican Republic and other locations, intending to spend his remaining crypto until it ran out. His estimated timeline for bankruptcy was nine months, which would put him in the fall of 2025.

This story, which has garnered over 127k views and 39 reposts on X (formerly Twitter), teaches us that while money is important, it’s not the be-all and end-all of life. As even the trader puts it, he’s “down but not out.”
His story ends with an even more defiant note, “They won’t get a damn penny…(I’ll never leave).”