Derek Rose, who earned $ 10 million with his Bitcoin and altcoin investment, lost a small fortune through leveraged transactions. Rose, who decided to invest all her retirement savings in Bitcoin, explained how she doubled her money and lost her money: “As a journalist, I asked hundreds of people to tell their stories; It would be hypocritical not to tell about mine just because it makes me look stupid. “
Crypto investor and journalist Derek Rose explained how he lost his $ 10 million investment in cryptocurrency. “How stupid you are!” Rose, who was afraid of saying that and remained silent for a while, said, “Even if you say so, I cannot blame you anymore.” He shared his investment experiences. Expressing that he does not want anyone’s empathy or pity, the man stated that he lost his own money by his own choices, not someone else’s money.
It all started with Bitcoin
Stating that he bought his first Bitcoin in 2013, when the BTC price was below $ 100; At that time, he bought $ 25 worth of Bitcoin every week. But when Rose needed the money that same year, she sold half of her 10 Bitcoins for about $ 500.
Rose thought that in 2016, when the BTC price exceeded $ 2,000 and Ethereum reached $ 400, it was not too late to replace the Bitcoins she sold. He turned all the money in his retirement account into cash and deposited it in Bitcoin. When Derek Rose did this, he was in his mid-40s and was single; he was ready to take risks and had the courage to turn things upside down.
With these two altcoins, he made $ 70,000 to $ 3 million
Explaining that he made his first altcoin investment in November and December of 2017, Rose said that he bought EOS and IOTA. Rose managed to turn 70 thousand dollars to 3 million dollars with leveraged transactions for these two altcoins.
Derek Rose thinks he made some pretty clever decisions to start with. Having invested patiently and carefully, Rose does not want to buy a house or save money with her earnings; He said he bought more Bitcoins to make more profits. Expressing that this attitude was initially reflected, the man stated that he bought half a million dollars of Bitcoin when 1 BTC was under $ 8,000 and that the leading coin saw $ 14,000 in a few days.
The drunkenness of winning
Rose decided to increase her Bitcoin investments by taking more power from this gain. The journalist explained that in addition to Bitcoin investment, he bought almost every cryptocurrency he could buy with margin on Bitfinex.
In mid-December, Rose’s account had over $ 7 million worth of cryptocurrencies. Wanting to double his investments, Rose decided to borrow $ 14 million to buy more cryptocurrencies. Although Rose paid thousands of dollars a day in interest for this debt, he was making almost half a million dollars with every $ 1,000 increase in Bitcoin.
“I was so stunned by these gains that I was constantly experiencing intense emotions. Exercising was impossible because I was wasting all my testosterone and adrenaline checking my portfolio several times each day. I was in a hurry. ”
The biggest enemy: excitement
Fully believing that he could grow his money with ‘smart’ investments he made, Rose dreamed of diversifying his investments with real estate, if his portfolio reached $ 100 million. The journalist, who was very confident in his investment choices, was almost certain that he would make a $ 100 million fortune, even though he had only reached a small portion of that fortune. But, as he stated, he was very hasty on this matter.
With his risky investment choices and leveraged transactions, many of his relatives warned Rose, saying “You can lose everything with one wrong choice”. Rose, who had not suffered major losses until that day, had only one answer:
“This is more exciting.”
Rose says passion and excitement are the most enjoyable things about investments and leveraged transactions.
“It was extremely enjoyable to know that I was risking huge sums of money.”
Rose thinks it makes sense to describe cryptocurrencies as “breakthrough technology” and invest in them. However, the investor, who says that he can earn half a million dollars a day with crypto money investment, says that this is reminding of gambling.
“I lost as much as a person can earn from cryptocurrencies in his life”
But things did not go as planned for Rose, and she lost a small fortune in the market crash just before the 2017 New Year.
“I think it’s a pretty good story and I’m not telling this for any reason other than people enjoy it. And really, as a journalist, I asked hundreds of people to tell their stories; It would be hypocritical not to tell about mine just because it makes me look stupid. ”
Rose stated that she had many regrets in her life, and that converting the money she had saved her life into cash for crypto money investment was not one of them. Despite the liquidation through the market collapse, Rose says she is happy that she is dealing with various financial instruments and not just investing. The investor does not lose faith that he can replace the $ 10 million he lost substantially by following his own investment path.