A CRYPTO whiz has changed his life after cashing out thousands of pounds worth of Bitcoin – and he still has three times the amount to withdraw.
The savvy invester put between £900 and £3000 into the turbulent currency in 2017.
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Four years on, with Bitcoin at a current cash out price of £34,000 per coin as of December 20, he cashed out nine coins over the course of three months, which is roughly £306,000.
Bitcoin doesn’t have a central bank or single authority and can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries, meaning it’s unregulated.
It is incredibly volatile because it is such a young currency and market.
It also not uncommon for the price of Bitcoin to experience wild swings within a day or even within minutes making it very a dangerous venture.
Posting on Reddit, he explained that he paid off his mortgage of his current house, having now put that up for rent, as well as buying his himself a second pad.
He also said that he paid off his loans and credit cards before forking out for a Dodge Hellcat car and even a chauffeur to drive him around in it.
He added that he quit his old job – which he was also earning a very comfortable £105,00 a year – for a job with the same salary but which he works a third of the hours.
As if that wasn’t good enough, he still currently has 26 Bitcoins to cash out – worth just shy of a million at £880,000.
“I could never have done this without Bitcoin,” he explained.
“The freedom I feel now is unbelievable compared to the weight of all those payments.”
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“My immediate life is looking so good… plus I still have 26 left!”
“It was 25% of my investment, for financial freedom. In hindsight, it feels worth it. Plus if BTC moons normally id be very depressed.
“I lost 35% or so in a month and I felt NOTHING because I had cashed out and even if BTC goes to zero I still have 2 houses and 2 cars.”
Other Redditors celebrated his win too.
One said: “No point in having life changing money if you don’t change your life with it.”
Another agreed: “Seems to me you did just that and then cashed the asset to clear debts and get property.
One of them a new passive income stream. Yeah, BTC might be over 100K some day but those properties are yours free and clear. Also, just because you sold doesn’t mean you cant buy BTC ever again.”
“I still kick myself for not getting into BTC back in 2017 or even earlier even though I knew about it,” said another.
But one warned: “Many bitcoiners are going to die in a shack with a big number on a screen”.
The risks of buying with cryptocurrencies
Investing and making a purchase in cryptocurrencies such as Bitcoin is risky .
Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.
Investing in cryptocurrencies is not a guaranteed way to make money.
You should also think carefully about making purchases with a cryptocurrency.
For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis.
The price of a Bitcoin was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later.
That’s a 15% drop.
These price swings are risky for a business as you could sell an item for a Bitcoin at one price and the value may drop soon after, leaving you with less money from a sale.
Similarly, the price of Bitcoin has soared by more than 21% since the start of this week so it can be hard for a shopper to get an accurate idea of the price of an item if its value changes on a daily basis.
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Brit bitcoin expert Layah Heilpern dishes out crypto advice to her followers on TikTok
