An unverified Twitter user with the name Ash WSB and handle @Ashcryptoreal has tweeted he sold his Mercedes G-WAGON to invest in cryptocurrency, particularly Bitcoins.
Ash WSB claimed after selling off his car, he was able to buy 11.3 Bitcoins at the rate of $15.903 and challenge his followers to check the value back after a few years. The tweet reads;
“Today I finally sold my G-WAGON and bought 11.3 Bitcoins at $15.903. Let’s check back in few years.”
According to his assertion, the G-WAGON could have been sold for as much as $179.7039 as he was able to purchase 11.3 Bitcoins at the current exchange rate of $15.903. Although, the tweet was later deleted due to unclear reasons.
He found investing in Bitcoin to be simple due to its dropping value
Bitcoin is currently only worth approximately $250, so if you had invested $1,000 when prices peaked in November 2021, you would have lost money.
One bitcoin was worth roughly $16,700 on Friday. According to CoinMarketCap, the price has dropped by more than 75% since it hit a record high of $68,790 on Nov. 10, 2021.
Similar crashes in Bitcoin have occurred before. The cryptocurrency’s price plunged all the way to $3,191 the following December, an 84% drop, from a then-record high of just over $20,000 in December 2017.
The price of the cryptocurrency has dropped by more than 50% twice in the last three years: one in March 2020, when the pandemic upended the world economy, and again in April 2021, after bitcoin reached a then-record high of over $64,000.
The recent reminder of the dangers of investing in cryptocurrencies, given their high volatility, comes from the 2022 bitcoin meltdown.
Of all, only the most unfortunate buyers at the peak have actually seen a 75% loss on their money. Your portfolio is definitely down this year regardless of where you’ve been investing, including the S&P 500.