Google techie gets a huge shock of Rs 67 lakh after investing in crypto

San Francisco (Uttam Hindu News)- A 22-year-old Google software engineer, who started investing in the stock market with the help of his parents before he was a teenager, has revealed that he lost nearly Rs 67 lakh by investing in crypto. He had bought the cryptocurrency with borrowed money.

Ethan Nguonli of California said it was his biggest financial mistake. Nguonli said he lost Rs 67 lakh (about $80,000) in crypto between November 2021 and June 2022. As to how he lost so much money, Techie said he had already invested around Rs 33 lakh ($40,000) in Bitcoin and Ethereum. Apart from this, a few hundred dollars were invested in Shiba Inu and Dogecoin. However, as the price of Bitcoin fell, Techie decided to buy more with Rs 12 lakh ($15,000) of borrowed money. Due to the price of Bitcoin reaching its highest ever level, for some time its price became around Rs 42 lakh ($50,000). However, the crypto market declined by the end of 2021 and by the summer of 2022, the price of Bitcoin fell by more than 70 percent.

“I was investing with some money I didn’t necessarily have,” Nguonli said. “Once the crypto market reversed, my losses increased.” The report notes that although the 22-year-old techie still invests in cryptocurrencies, he now sticks to Bitcoin and Ethereum and avoids less trusted alternatives. The biggest lesson he learned from his mistake was to “invest only the money you have and do not use it in highly speculative investments”.