The Debt Panel: ‘I lost my life savings after investing in cryptocurrencies’ – The National

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.