Zhao Dong is a Chinese speculator and investor who did not have a straightforward path to fortune and fame with the cryptocurrencies according to an interview published by the social network.
Zhao said that before succeeding in the sector, he had inquired huge losses that he even considered committing suicide due to the difficulties he experienced and bad luck.
As elaborated in the interview which was initially put in Mandarin Chinese, Zhao invested approximately 10 million Yuan in 2014 after the bullish trend of Bitcoin news. As a result of that hype, Zhao borrowed about 60 million Yuan for an investment that went into great loss due to the sharp fall in value that bitcoin experienced at the starting of 2014.
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There is even a time Zhao lost 9000 BTC within a single day, which led him into a deep depression that he even contemplated suicide but decided to keep on because he believed in his abilities.
His investment entailed opening a sequence of mining farms in different Cities of China, however, as a result of incurring huge losses after the fall in bitcoin prices, Zhao had no option but to liquidate his mining functions, which gave him only 3 million after investing almost 50 million Yuan.
Zhao said, “After declining of the bitcoin value by 900 Yuan at the beginning of 2015, I was obliged to sell the entire mining equipment because of the debts that I inquired from previous fundraisings. Part of the burden was the 50 million Yuan that I used to commence the miners even though I later sold them at less than 3 million Yuan. Selling miners at that time was challenging after the value of bitcoin declined, but I am grateful for those who bought mine.”
Nonetheless, after those nightmares, Zhao started encountering a series of success investment that made him amass vast fame and fortune. The value of bitcoin did not only recover but restored its value in a fantastic way that no one predicted. Zhao’s dream was to double the first investment of 10000 Yuan, and after he managed to do that following soaring of bitcoin price, it’s when he bought its first iPhone.
Zhao added, “I purchased 10 bitcoins for RMB 10,000 which then plunged, soared and rebounded within two weeks. I was lucky to earn back my capital in addition to earning greater profits which I also used to buy my first iPhone.
However, 10,000 Yuan is not enough for news headline but the year 2017 was the season of bitcoin explosion, and it’s when Zhao Dong managed to pocket billions of dollars in profit thanks to his patience and efforts.
Zhao reached a point where he could “afford to bare” the losses of cryptocurrency investments without feeling much weight. After unrelenting, today he has learnt a lesson that new investors can learn from him, particularly the new investors; that’s concerning the significance of knowing well the kind of ‘candles’ which you should select to operate.
Zhao advises, “I recommend that if you are not ready for the crypto market for a long time, you gonna just not try. If you are optimistic, you need to work or try the best methods that can work for you, and there is the likelihood that your efforts shall pay.”
It seems like if you can just hang around long enough anyone can make it in crypto. Just the speculation in the market alone will continue taking us to new highs and scary lows. Thanks for the post!
True @brettcalloway It's a ripe field but for those with big dreams and those who can wait.
keep doing a good job.
@walner Thanks. Keep following for more tips and crypto news.
Sure
After reading your post, I started to ask myself if it is worth taking the risk investing. I wanted to have a new iPhone too, and I am just tempted to do as Zhao did. They say now is high to to invest and wait until it soars up again.
@yadah04 Think taking the risk depends on someone's preparedness. Our pathways to success are unique and dissimilar with those of other people. Also you need to do enough research.