A SHIBA Inu investor has sold their flat and spent it all on the meme coin and will hold out for 15 years – but doesn’t care if they lose it all.
The price of Shiba has been surging recently amid speculation it could reach $0.10 – though it has been dipping in recent days.
That’s promoted investors to share their stories of holding out to make their fortunes.
Writing on Reddit, one said they had “just sold” their apartment to buy Shiba.
“Just got almost 4 billion Shib, now I am holding until I get at least 0,01 or 10 cents in the future, and I don´t care if it takes 10 years or 15 years.
“And if I lose everything, I really don´t care, I have a good business that I can rely on, it´s not much, but I´ll play to get it better in the close future.”
Another Shiba investor recently said their life savings are tied up in the cryotocurrency is also refusing to sell until it makes him rich – despite being homeless.
The investor is perhaps hoping to follow in the footsteps of two others who've been able to buy houses.
Terrance J Leonard revealed a $2,000 cryptocurrency investment swelled to $1million, allowing him to buy his dream home.
And one mystery trader says the life-changing profits from trading the cryptocurrencies means he has also been able to buy a house.
Other stories of hitting the cryptocurrency jackpot include a brother and sister duo who've have made $160,000 in just six months.
Buying any cryptocurrency is incredibly risky.
With any investment, there is a risk that the value of your money could go down as well as up. That means you should only invest money you can afford to lose.
Crypto can be riskier than other investments because they are volatile and speculative – their price often rising and falls very quickly, sometimes seemingly for not reason.
5 risks of crypto investments
THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
Many cryptocurrencies have a short track record, making them difficult to understand and predict.
This type of investment is also not protected by the regulator which means you have no protection if things go wrong.
The UK regulator has warned that Brits risk losing ALL of their money if they invest in cryptocurrencies.
If you are considering investing in any type of crypto, do your research first and only invest money you can afford to lose.
Be wary of scams, too, as the crypto market is often a target for fraud.
Look out for fake celebrity endorsements or social media profiles pushing certain coins.
What is cryptocurrency?
CRYPTOCURRENCIES are a form of payment that can be exchanged for goods and services.
They work using a technology called blockchain.
Blockchain is a decentralised technology spread across computers that manages and records transactions. Find out more about cryptocurrencies below..
- What is Bitcoin and will BTC's price rise?
- What is Ethereum and will ETH reach $10,000?
- What is Cardano and will ADA reach $10?
- What is Litecoin?
- Why is Bitcoin bad for the environment?
- Who is Bitcoin creator Satoshi Nakamoto and what's his net worth?
- Best crypto wallets to use for Bitcoin: From Coinbase to Exodus
- Where to buy cryptocurrency?
- What is Dogecoin and will DOGE reach $1?
- Will Polygon (MATIC) reach $10?
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