I lost $50,000 in Bitcoin crash, but I’m still a believer

Hang in there Simon…I feel like it will be worth it eventually. BUT maybe next time it shoots up over 200-250 maybe sell a few just to make a couple bucks

The Buzz - Investment and Stock Market News

At the start of the year, Simon Lang was about $1,000 in the hole on his initial Bitcoin investment. But as the price of the digital currency ballooned to an all-time high of $266 last week, Lang found himself $60,000 richer.

But that didn’t last very long.

As Bitcoin prices tumbled to around $50 earlier this week, the value of his stake shrank to about $11,000.

“I was surprised at how fast the price went up,” said Lang, a 32-year old digital forensics manager in Staffordshire, England. “I was expecting it to fall a bit, but not as much as it has.”

Update: Bitcoin bubble re-inflates

The price of the virtual currency,  which was created by an anonymous hacker just four years ago, has increased almost 20-fold this year. It gained particular attention in the wake of a mini-bank run in Cyprus that raised concerns about the health of government-backed paper currencies like the euro and the U.S. dollar.


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