Back in May, a redditor named “gingerbreadfutters” posted on /r/bitcoin claiming he took a home equity loan on his house for over $325,000 and took a leap of faith. Believing in the process and being a huge risk taker, he put 100% of the funds into Bitcoin. He purchased a hair over 191 Bitcoin in May’s market.
The redditor also claims to have a terminal disease. This might be a contributing factor as to why he took such a gigantic risk. The original post (which has been since deleted) reads,
“If bitcoin reaches, the 10k mark, which I see as a distinct possibility, or I would not have taken such a risk – I plan on moving to the west coast and getting away from all the angry people here where I currently reside.”
This move was made back in May when Bitcoin’s market cap was just under $53,000,000. Now, it sits at nearly $90,000,000. That is more than the market cap of American Express. In May, Bitcoin’s price was in the $1,300 – $2,500 range. Based off of these numbers, the Redditor must have bought ~191 Bitcoin at around $1,700. He would be a millionaire if he sold his coins just a few days ago when Bitcoin soared past $5,000 and then eventually hit a new all-time high of $5,762.28. image source: charts.bitcoin.com
Hold Your Nerve
Before the thread was deleted, the thread created a large buzz on /r/bitcoin with hundreds of comments full of criticism and wishing him the best of luck on his bold move. This is not the first time someone has invested their life savings into Bitcoin. A redditor who goes by “jhansen858” pointed out something similar,
“some guy did that like 2 or 3 years ago when it was at like 500 and people told him he was an idiot. You will be fine as long as you don’t lose your nerve”
With Bitcoin’s price raising the ceiling on a weekly basis, gingerbread futters is over halfway towards his predicted Bitcoin price of $10,000. Perhaps it will reach $10,000 by April 2018? What are your thoughts on this extremely risky investment? Do you think Bitcoin will reach $10,000 in six months? Comment your thoughts below.
featured image source: bxcoins