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I lost my life savings on risky Bitcoin trades

One unfortunate Reddit user lost his entire life savings after investing in Bitcoin – and couldn’t tell his wife.

Join it all in digital crypto, users Prudent_Plum_7644 posted a heartbreaking account of his experience and a warning to others.

A Reddit user told the story of how he lost his life savings investing in Bitcoin

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A Reddit user told the story of how he lost his life savings investing in BitcoinCredit: Getty

Writing on the Bitcoin subreddit, he said: “I’ve completely messed up people, my life savings are gone, I’ve learned a hard lesson.”

He went on to detail how he and his wife amassed 1.7 BTC which, at current rates, is around £58,400.

He said it took the two of them ten years to accumulate money, save as much as possible and run odd jobs whenever possible.

Then he started trading.

“I started futures trades and managed to turn 1.7 BTC into 2.1 BTC, a classic beginner’s blessing,” he wrote.

Unfortunately, he has put all his money into a type of transaction known as leveraged futures – betting that the value of Bitcoin will continue to rise.

When it fell, he said he lost everything.

He wrote, “Of course it didn’t, BTC went from $50k to $47k and our lifetime savings were wiped out.

“I still haven’t said anything to my wife, she doesn’t know it and this is killing me from the inside. I just don’t know what to say to her, I’m simply devastated. I can barely see myself in the mirror.”

Concluding with a plea for others not to fall into the same trap, the Redditor posted: “Follow my advice, don’t trade the bad guys, don’t fall into these marketing traps like I did.”

He posted a screenshot of his futures trading being slowly liquidated as Bitcoin drops in price instead of increasing in value.

Other Redditors regretted, but reinforced the view that putting one’s entire money in one transaction is not a smart move.

One commented: “That sh** is dangerously legal and the average investor shouldn’t touch it with the 10m pole.”

Another said: “So sorry to hear that man. Be honest with your wife. Tell her your heart and ask for forgiveness. Then come up with a plan and build. rebuild your husband.

“And never try to surprise your spouse by transferring your entire life savings together again. She has a right to know and not be surprised, for better or worse.”

Galina Stavskaya, Head of Investments at Claro Money, explains: “Futures are when you agree to buy or sell an investment product on a certain date in the future for a certain price, with both future trading dates and prices being determined today.

“It’s like going to a shop today and saying ‘I’m going to buy this car in 2 months for £5000’ and signing a contract to do so.

“If the price of the car in 2 months is above 5,000 – you made money, if the price is below 5,000 – you lose. Trade no exchange today – just contract to execute this pre-planned transaction in the future future.”

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https://www.thesun.co.uk/money/17070408/reddit-user-loses-life-savings-bitcoin/ I lost my life savings on risky Bitcoin trades

Bobby Allyn

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