Overconfidence after financial success left the billionaire completely bankrupt.
He became a millionaire thanks to the explosion in the price of Bitcoin.
Peter McCormack He was a prosperous advertising businessman, whose offices were in the center of London, precisely in Coven Garden. In 2016, his company had a turnover of around £3 million annually, so it was at a point of great prosperity.
From very early on he had been interested in Bitcoin. He had used it to purchase the cancer treatment his mother had been prescribed. Since 2013 started betting on cryptocurrencyand he made and lost money with that investment, but what he didn’t know was that the explosion in price was going to exceed even his predictions.
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How Peter McCormack Became a Millionaire
Although he owned a company in the center of London, with 35 employees in charge and exponential growth where in 2016 he had reached a turnover of 3 million pounds sterling, McCormack’s economic leap was achieved thanks to Bitcoin. Since he started, he knew that the cryptocurrency was subject to huge fluctuations in its value and he was preparing for that.
Despite his previous gray experiences, in 2016 he was still obsessed with cryptocurrency, so he decided to invest more and more. By then, the Bitcoin was worth about £600, and he had £8 in his possession. Over the next few weeks, he decided it was time to exponentially increase his position there, so He spent 23 thousand pounds on the digital currency.
He expected that Bitcoin would soon be worth around 2,000 pounds, but his predictions fell short. The asset was listed at 20 thousand pounds, 10 times more than he had imagined. But from then on, overconfidence led to frivolous spending, and it was the beginning of the end.
How McCormack lost what he won
At that time, he began traveling to conduct interviews for his podcast, spending time inviting his friends to eat at expensive restaurants and buying eccentric gifts. But in his mind, a childhood dream remained: to buy the Bedford City football team and become the club’s president.
But In 2018 the financial bubble burst and the price of bitcoin plummeted. Convinced that it would rise again, he still did not sell what he had and thus little by little he lost everything.
Source: Ambito
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