There is significant risk associated with Bitcoin, like a number of other investment assets. There are lots of people out there who invested in it initially, but cashed out later on and are now licking their wounds for making this decision. As Bitcoin has reached a historic high, one of the early Bitcoin developers, Marrti Malmi shared his story of how he had jumped the gun and sold his Bitcoin holdings. He shared his unfortunate story on Twitter and explained that he had amassed a significant amount of the leading cryptocurrency since he was an early Bitcoin developer.
Unfortunately for him, he had decided to sell a total of 55,000 BTC back in 2012. Malmi had used the money for purchasing a studio apartment and had also left his software development job for living in Japan for some time. The developer had accomplished all of this before he had turned 22. Even though it is impressive, it is also worth considering what his net worth would be right now if he had chosen to hold onto the asset rather than selling it off. It would be approximately $2 billion, as of the current Bitcoin prices. Malmi said that he didn’t have a lot of regrets because the asset that he had had a role in developing was now changing the world.
Nonetheless, there had to be a little bit of regret for the decision, considering how things have turned out. Even though the developer didn’t sell off his entire Bitcoin holdings and does have some of the assets still, he is certainly giving some thought to his losses. Malmi is not the only one to have faced this situation. There are a number of people who had gotten their hands on Bitcoin in its early days but had decided to ditch it before it gained any real traction.
Some of these people had also lost their BTC holdings because of scams. QuadrigaCX, a Canadian crypto exchange, had shut down this year rather abruptly when its chief executive passed away. As he was the only person who could access the exchange’s crypto wallets, the assets within them are lost to the users who owned them. They can see their assets, but it is not possible for them to get their hands on them. Incidents like these are a big reminder that even though Bitcoin has helped many make fortunes, not everyone has been this lucky.
There are also those investors who had invested in the asset during its 2017 bull-run but had cashed out during the crypto winter. They would also be regretting their decision, as they could have been riding this new high. Nonetheless, this shouldn’t discourage any investors from opting for Bitcoin. Even though it has reached a new all-time high, many industry insiders believe that it will go even higher. Therefore, it is not surprising that everyone is jumping on the Bitcoin bandwagon, whether it is retail investors or even institutional investors. It just goes to show that Bitcoin has a bright future.