One impatient Bitcoin investor sold off his lifetime fortune at a dip of $350 and lost the opportunity of becoming a millionaire to the fear of losing all he has worked for. Today he blames himself for choosing badly.
The now 64-year-old Reddit user, who identified himself as “Myallmymoney” said he started bullish on Bitcoin when the asset class sold at a high of $1000 and bought some $85,000 worth of the king coin.
At a period when Myallmymoney was hoping that the crypto will moon to a high of $10k in no time. A bitcoin price correction dawned on him like a nightmare.
At $350, the investor could no longer bear it, and he sold off all his bitcoin for just $29,750, losing 65% of his funds.
Per live data on CryptocurrenciesToWatch, one unit of Bitcoin is currently trading at $49,418.00 at press time. This would bring the total current value of his then $29,750 to a staggering $4.25 million, which could have been a 14019.4% increase for him.
Why he Sold Off
According to Myallmymoney, he was on the verge of losing his house at the time, so he had to sell his Bitcoin to keep it or risk living on the streets.
It can be easy for an onlooker to conclude that it was better for the bear-investor to keep his house.
However, if he had held on to his bitcoin stash, the Bitcoiner would be counting in the millions and could buy many houses today.
Lessons For HODlers
Although he kept his house, Myallmymoney still looks back in regrets, he said;
”I’m 64 now, near retirement and lost most of the money I worked my whole life for….Believe me, it’s not pretty….I only blame myself.”
Myallmymoney is not the only one who sold off his bitcoin stash due to FUD. Seven years ago, a bitcoin bear sold off 30,000 BTC at a dip of $300 but left a lesson behind for weak hands like him.
The final analysis suggests that HODLing Bitcoin is a smart move, but it would only be smarter to wait patiently for it to appreciate, only then can a HODLer reap the rewards of self-control.
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