The Debt Panel: ‘I lost my life savings after investing in cryptocurrencies’ – The National
- Date: 15-Jun-2022
- Source: The National
- Sector:Financial Services
- Country:UAE
The Debt Panel: ‘I lost my life savings after investing in cryptocurrencies’ – The National
I earn a monthly salary of Dh6,000 ($1,633). I invested Dh80,000 of my family’s and my savings in cryptocurrencies after listening to friends who dabbled in trading and watching promotional videos by social media influencers.
Initially, I purchased Bitcoin and Ether. Those investments grew in value quickly last year and I considered quitting my job to pursue cryptocurrency trading full time because I thought there was huge potential to attain financial freedom with digital tokens. It looked like a get-rich-quick scheme to me.
I later moved my entire portfolio into Luna and Terra as they were considered more stable digital currencies.