He bet his family’s entire life savings and mortgaged his home

At the time of this crypto hype I didnt find it easy to buy and sell crypto and not only that but trusting any crypto exchange with more than a few thousand dollars of my money wasn't happening. Would be interesting to know what exchange he used and how much in taxes those crypto gains were. For anyone to actually believe that those gains were going to sustain themselves was foolish...out of thousands of cryptocurrencies less than 100 will be lucky to be around in the years to come. If the hype wasn't so great as it was the cryptocurrency fun could have lasted a long long time.

 

You can take the after-tax gains, put into SPY and live a comfortable life off of the dividends. And if you're really smart, you'd take half over to my friend Asadullah in securities...

 

I bet he won’t do that.

“No one would shovel shit if they had a million dollars.”

 

Survivorship bias at its best. But then, maybe we are all survivors too?

 

Anyone can get lucky gambling which is what he did. Ask the gamblers in Las Vegas how many of them are now millionaires? Those huge, opulent Las Vegas casinos was built on gamblers losses. He also, violated the most important part of trading which is risk management. He had an all or nothing approach which will bite him if he is stupid enough to get back in!

 

Talking about casinos , 3 years old video, Dana White gets banned in Palms, for winning too much.
(ofcourse, that's one exception out of millions )

A short story with spin-up in the end :

We had this story in our country, where a guy, sold his & his moms apartments, when BTC was at 18k. Went all in. Busted.

 

out of one thousand families who sold their entire life savings and mortgaged their homes, only one can make it.

 

For every positive story where someone made it you'll find 100 where they lost it all.

Bitcoin made a lot of people very very rich over a few years, ahhhh to have bought 100 in the early days for like $500, cashed out with 2Mil just before xmas Ohhh wonder if there is a time machine on Amazon ?

 

No point making it, if your not going to spend it, have fun, off yourself when it's job time, simples!!

 

Now to make this a positive investing story, people who averaged in monthly are up, even if they started at 18 or 20K, when BTC was at its highest. So advertising such approach would be more prudent, but we have to note we don't know how long these times will last.

And another run up from here to 50-100K is highly unlikely, but who knows, I have been wrong before.