Bitcoin’s popularity is getting wider, as well as the doubt that surrounds trading and investing in it. Bitcoin’s market trend has also been a major stimulant of skepticism. Obviously, BTC’s price is highly volatile, it could rise or drop when least expected.
The side effect of this volatility hit the income of a South African female billionaire, Magda Wierzycka, leaving her to regret her investment in Bitcoin, after losing a huge sum of her hard earned money.
The emergence of Bitcoin in 2009 didn’t really shock the world or global financial market, because none could actually foresee the tremor and disruption it is creating in the finance sector. BTC’s market value has since experienced a magnificent growth.
However, its usual fluctuation in terms of price has been dissuading potential investors from considering investing in the digital currency. Despite the fluctuation, Bitcoin has indeed made its clear path to the top over the years, and it has seemingly proved to be a store of value.
Where some find the emergence of Bitcoin as beneficial, others still term trading or investing in it as a waste of time and resources. However, the cryptocurrency has somewhat proved its worth despite a lot of criticisms surrounding its use cases.
South African Female Billionaire Regrets Investing in Bitcoin after Huge Losses
Loss and gain have become part of the crypto ecosystem. When gain comes, you rejoice and if otherwise, one has to learn how to manage it. This brings about the confession of the richest woman in South Africa, after losing a huge sum of money in Bitcoin investment.
Magda Wierzycka, the chief executive and co-founder of financial services company, Sygnia Asset Management, confessed how she wasted her money on purchasing Bitcoin.
Wierzycka tagged cryptocurrency as “the biggest skeleton in her investment closet”. She said her first Bitcoin was bought when it was trading around $4,000, and her last attempt was when the cryptocurrency traded at $18,000.
She said tagging Bitcoin as a digital gold is deceptive, pointing that she also fell for the deception. She added that her husband scolded her profusely for investing in such a nascent commodity.
The Female Billionaire Bitcoin Investment
The female billionaire investor likely bought her last Bitcoin during the historic bull run of December 2017, when BTC attained its all-time high of $20,000. After which the price of the cryptocurrency nosedived to $3,100 price region.
During the parabolic surge of 2017, FOMO (Fear of Missing Out) caught some reluctant investors to plunge in, with the hope of consistent price uptrend, not knowing the bullish rally will be succeeded by a devastating crash.
Wierzycka actually confessed her lack of trust for cryptocurrency, especially Bitcoin. She said “I don’t care. I’ve lost so much money. I trust nothing [like bitcoin] any longer”
Howbeit, truth be told, Bitcoin is sometimes favourable and unfavourable in terms of investment return, but depends on which side of coin that turns to investors and traders.
The price uptrend of December 2017 and the price downtrend that followed brought fortune to some and misfortune to others. So the case of billionaire Wierzycka is just one side of the coin as far as cryptocurrency investment is concerned.