A MAN who traded his £7,000 precious Rolex watch for bitcoin to pay off his debts is now worth £1.1 million.
Kane Rooms, 29, from Enfield in London, went through a tough time in 2018 and is in desperate need of money, so he decided to give up one of his most prized possessions.
Although he had little savings, fortunately his first investment netted him £100,000.
He sent half of the proceeds to the Initial Coin Offering (ICO) and reinvested his profits in Zilliqa, another cryptocurrency that brought him his first million pounds.
Cain says that Krypto saved him when he was going through hard times in his life.
He told MyLondon: “I just took a leap of faith, followed my intuition, listened to my inner voice and now it’s paying off.
“I have really struggled and gone through hard times in my life. »
He thanks his father for believing in him over the past two years.
Cain said: “Everyone in the family thought I was going crazy, but his trust in me was crucial.
“When someone believes in you like that…it gives you the confidence you need to achieve what you want.
Of course, return on investment is never guaranteed, especially with cryptocurrencies, but Cain says he is aware of the risks.
Bitcoin fell to an 18-month low in June, prompting investors to sell their holdings.
The price of the cryptocurrency fell by 15%.
Cain was caught when the market crashed in March and lost half of his fortune after a £2.7m valuation in May 2021.
Intending to inspire others to hope, he said he was no fool when it came to high stakes.
He said: “I am not imposing anything on anyone – these are huge risks. People should know that everything can be lost. »
His warning came after the wealth of the world’s richest bitcoin trader dropped $6 billion in just two months due to the cryptocurrency’s plummeting value.
Investors sold their holdings after bitcoin dropped to an 18-month low on June 14.
At one point, bitcoin, the most popular cryptocurrency in the world, fell to $20,950 at one point, according to coinmarketcap, but has since rebounded.
He says he is familiar with the ups and downs of the market, losing up to £100,000 every day but keeping the faith.
According to BitInfoCharts, the anonymous trader’s share of bitcoin was valued at $11.5 billion at the beginning of April this year, and he had over 252,000 tokens.
Today, at the time of this writing, that stake is currently worth $5.24 billion, with a loss of $6 billion.