22 year old Ethan Ngunli is a software engineer at Google. He said that he lost around 67 lakh rupees by investing in crypto currency. That is, he said that he bought cryptocurrency with borrowed money and suffered a loss. Ethan, a young techie living in Orange County, California, shared this in a recent interview. He started investing in the stock market with the help of his parents before he was a teenager. Having started investing from a young age, he has a pension of over one crore and two houses in his name. Then Ethan, who started investing in crypto currency in november 2021, lost Rs 67 lakh by june 2022. He said that he had invested a few hundred dollars in altcoins like Shiba Inu and Dogecoin and around ₹ 33 lakh in cryptocurrency like Bitcoin. But as the price of Bitcoin fell, he invested another Rs 12 lakh.
As the price of Bitcoin hit an all-time high, the value of his Bitcoins went up by around 42 lakhs. But at the end of 2021 the crypto market reached a turning point. By mid-2022, Bitcoin's price had fallen by more than 70 percent. "When the crypto market turned upside down, my losses got bigger," says Ethan, adding, "I still fully believe in cryptocurrencies. However, I think these altcoins are too risky. I avoid paying for them."
The biggest lesson he learned from his Rs 67 lakh loss, he says, is "invest only the money you have. Don't borrow and invest based on speculation." Ethan also stated in the interview that he aims to save $5 million (approx. ₹ 41 crore) by the age of 35 and retire early.
