Every investment comes with its risk, which is what every typical investor knows. From high risk to medium risk and low risk, every investor knows this, and like most investments too, Bitcoin is not a zero-risk investment. Patience is a virtue but history has shown that many investors don’t have a lot of it.
The cryptocurrency market was flocked by a lot of investors in its early days, while some cashed out early with a few losses like Softbank CEO, Masayoshi Son who made a loss of about $50million on BTC, others cashed out early to prevent losses. Marti Malmi is one of such of the latter, a bitcoin developer who sold 55,000 BTC off his assets in fear, something he now regrets.
Malmi shares his regret on Twitter
On the popular social media platform Twitter, the BTC developer shared his regrets. In his official tweet, he said, “I’d be a *billionaire* now if I hadn’t sold the 55,000 bitcoins I mined on my laptop in 2009-2010 way too early (mostly before 2012). That is regretful, but then again, with the early bitcoiners we set in motion something greater than personal gain”.
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The decision made by Malmi was done because he was chasing his ambitions as he spent the money to purchase a studio apartment and quit his then software development job to go and settle in Japan. Malmi concedes that he doesn’t really regret his decision as he used the realized funds to put his life in a better place and he’s proud that the asset he helped develop is now one of the most valuable digital assets in the world.
Although there is still a hint of regret in the decision, the 30year old believes that had he waited till today, the assets would have made him a billionaire right now, a lifelong ambition of the then 22-year old developer. The developer hopes that he can still cash out big on the cryptocurrency, as he still has most of his savings in BTC and he hints that will make him forget about his early losses.
Other Bitcoin sad stories related to Malmi
Malmi’s story sounds pathetic and sad but he isn’t alone as there are thousands of people in the world who ditched BTC too early, especially in its early days. From the guy who once spent it on Pizza, to the Billionaire investor who was tired of watching its price fluctuate.
Some have also lost it in scams, and others like QuadrigaCX customers can now only see it but can’t touch it. The Canadian Cryptocurrency Exchange Shutdown its services this year after the death of its Chief Executive, who is the only authorized person to the firm’s cold wallet.
Stories like Malmi and a few others who have lost money on the cryptocurrency should not deter investors. Lots of popular investors and organizations have realized massive profit off the crypto, as it continues to pull strong compared to traditional assets like gold. BTC, as at the time of writing, currently trades at about $23,600 at the time of writing, an all-time high, with analysts expecting the crypto to finish the year stronger.