Cryptocurrency enthusiast, received a six-figure loan to buy cryptocurrency has lost almost 85% of their investments.
On Monday, a Reddit user under the nickname “Cryptohomie” (32-year-old resident of the UAE) posted on the forum a photo of your repayment schedule Bank loan
On photos extract from Emirates Islamic Bank, which lists the monthly payments in the amount of 8 194 dirhams (3 067 USD) to 14 Dec 2021. Original loan 338,000 AED (126 $ 500. USA) with a total return of 393 296 dirham (147 $ 200. USA), including interest.
“Here’s my Bank statement associated with a loan, which I took to invest in crypto-currencies,” writes Cryptohomie. “Three and a half years of bondage. Now I did not earn and has already lost 85%. I hope my story will serve as a lesson to others”
It should be noted that the loan money was not used for the purchase of Bitcoin and had invested in NEO, Stellar, Litecoin, Ethereum, “sidony and some who lost 95 percent of its value”.
Speaking of losses: NEO lost about 90% of its value compared to December last year, Stellar has decreased by about 75%, Litecoin 85%, but Ethereum has slipped to 80%. Bitcoin fell by almost 70% relative to its December high of $20 000.
Overall, the total market capitalization of almost 2000 cryptocurrencies tracked CoinMarketCap dropped from 800 to 200 billion dollars at the time of publication.
Despite their losses, Cryptohomie is still a holder of the cryptocurrency. According to him, now “basically, it’s NEO, Ontology, Elastos, Stellar and HPB”. The trader explained that the money for his investment was “ordinary credit”, which UAE banks give you “almost instantly”.
“You can get 100,000 dollars in a few days on your account without significant testing,” he said.
The Reddit response to the loss Cryptohomie
The reaction of the Reddit community was mixed. Some were sympathetic, not mocking Cryptohomie. Other released being sarcastic, hinting that such hasty investors as the hero of this story, the cryptocurrency market and soared to their highs.
There were, however, wise comments. For example, one commenter noted that “people complained”, when banks were forbidden to use credit cards for buying cryptocurrencies. However, the case with Cryptohomie confirmed the validity and necessity of such actions:
“Since the last rise I thought about how many people have done something similar and how many banks issued money at this money. I think they will be a large percentage of defaults on such loans”.