A crypto enthusiast who took out a six-figure loan to purchase cryptocurrencies has seen them lose almost 85% of their value. On Monday, Reddit user “Cryptohomie,” a 32-year-old living in Abu Dhabi, UAE, posted a photo of his bank repayment schedule to the cryptocurrency subreddit, according to News.com.au.
The photo shows a document from Emirates Islamic Bank that lists monthly repayments of 8,194 dirham ($3,067) until December 14, 2021. The original loan is listed as 338,000 dirham ($126,500) with a total outstanding amount of 393,296 dirham ($147,200) including interest.
“Here is my bank installment related to the loan I took to invest in crypto,” Cryptohomie wrote. “Still three-and-a-half years to go until I’m freed.
Until then, I’m working for nothing and I’m at 85 per cent loss. I hope it gives you a lesson.” Of note is that the money was not used to purchase Bitcoin, but instead NEO, Stellar, Litecoin, Ethereum, “and some shitcoins that lost 95 per cent of their value already.” Looking back, NEO has lost about 90% of its value since peaking this past January, Stellar is down about 75%, Litecoin has dropped about 85% in value, and Ethereum has experienced a decline of around 80%.
In relation, the price of Bitcoin has fallen by almost 70% since hitting all-time-highs around $20,000 last December. Overall, the total market capitalization of the almost 2,000 cryptocurrencies tracked by CoinMarketCap have dropped from $800 billion to under $200 billion at the time of publishing. Moving forward, despite his losses, Cryptohomie is still involved in the space. Read more from altcointoday.com…
thumbnail courtesy of altcointoday.com