On a sunny morning in May 2016, I left my office in California and walked down to the financial services company. It was a morning I will always rememebr, and I owe it to Ethereum.
I opened 2 huge doors, walked up to the reception counter of the financial services company, and described to the representative that I would like to send money wire to a trust company, which is a cryptocurrency exchange based in NYC (New York City).
“Sure thing! How much money would you like to send, Mr. Ed?”, she asked.
“$100,000”, I replied
My voice started shaking as I said it: One hundred thousand dollars. This was the entire life savings of my family. My wife and I planned on using this money for emergency expenses, our eventual retirement and to pay college tuition fees of our 3 kids. I was in my thirties and had a family along with me who had never been on the brisk of anything. But I had already made up my mind and was about to bet everything on the technology I firmly believed in: Ethereum.
This could only end in 2 ways: Either I’d make a fortune or I’ll lose everything I have.
In 2015, on an early morning, I was surfing on the internet and came across a blog regarding Bitcoin.
A few years earlier, when I was passionate about going-up the corporate ladder, I’d heard about Bitcoin. But at that time, it felt absurd to spend real money on a digital coin that only existed on a public ledger in the cloud. And to be honest, I thought it was absolute nonsense.
But suddenly, that morning, I had a change of heart.
At that point of time, Bitcoin was going through a difficult phase, its value had fallen from $1.2k – $300. Several questions arose in my head: What if I invest in it and it goes up? What if put my entire life savings into crypto? If the price goes up, I’d never have to work a single day in the corporate sector.
With the help of some research, I had a change of mind and drifted from Bitcoin to Ethereum (ETH).
On YouTube, I consumed hours and hours of Ethereum commentary. On Twitter, I followed only Ethereum related accounts. Every spare minute I had, I utilized it by reading about Ethereum. And before I knew it, I had become obsessed with Ethereum.
Risking It All
10 months later, I was standing at a financial service company’s desk, transferring our entire life savings to a company in exchange for six thousand nine hundred and ninety-three (6,993) ETH, at the rate of $14.
Sadly, it didn’t take long before I experienced the mind-boggling volatility of the crypto sector.
In June of 2016, Ethereum tanked because some black-hat hackers hacked the high-visibility project. And by November, my initial investment of $100,000 was worth only $35,000. Even though I was $65k in the hole, my belief in Ethereum’s ability was stronger than ever… and it was now at a decent price. So, I made up my mind to double down.
Now, I didn’t have the cash. The line of credit on our home was the only pool of funds available at that point in time. But I knew acquiring a big debt on my home equity line would probably set me an entire family up for a disastrous ending.
But I always had this feeling that this was my only shot and I will never get another one.
In 2016’s December, I visited the financial services company three times, transferring a larger amount of cash from our home equity line to the trust company. After every transfer, I went home, opened my laptop, and purchased ETH slowly so I didn’t cause a run-up.
During the winter of 2016, I got $200,000 on my home equity line and bought ETH with all of it. Now, I had a total of 26,750 ETH and was $300,000 in the hole.
Came Back To Life
In February of 2017, ETH finally came back to life. I still remember, it was the middle of the night, and I was battling some terrible food poisoning. And even though I was puking my guts out, I didn’t care about it because for the first time in my life ETH went up to $50,000.
What happened next was nothing less than a miracle: ETH just kept rising… and rising… and rising. Somewhere between 2017’s February and March, Ethereum went from $15/coin to $50/coin. Just two months later, it was $230.
In just four months, my $300,000 investment shot-up to a whopping $6m.
I read a story somewhere about a person who had impromptu orgasms all day. That’s honestly the closest I can get to express my feelings. Whenever I picked up my phone and checked it, I would be up another six figures since the last time I looked. I just couldn’t resist shouting, “YESSSS!”
But that’s not it, there were times when ETH would dip, and the price of my investment would go down by $1m in just 50 minutes. And with that, my impromptu orgasms would turn into ferocious withdrawals. The volatility was nothing less than a drug, it shot-up my mind with dosages of serotonin and dopamine.
The ETH coins entirely changed my persona.
ETH stayed around $200/coin to $400/coin, from June – October of 2017. This was an increase of two thousand percent since the year started. A lot of people had started to cash out by then.
Although now my coins were thankfully worth in millions, I resented to selling most of them, thinking my decision would surely pay off in a greater way than I could possibly imagine.
WE ARE DONE
In a span of mere 2 weeks in December 2017, my coins went from $430 to $840, almost doubled in price. On 3rd January 2018, it surprisingly hit $900 and 3 days later, it finally passed $1k.
I excitedly entered my credentials in order to log-in to my trust company’s account. And then I checked out my options.
In case I still held on to my coins and ETH somehow tanked, I’d lose all of it. And if that happens, I would have to tell my kids and wife that her husband had just dropped the golden goose egg.
So, I waited and saw the price rise to $915. Then, in the next 2 hours, I finally sold my 11,000 ETH, most of my remaining stock, for an enormous $10m.
I sent a text to my wife: WE ARE DONE!
And. THAT WAS IT! I had just made $13m with my obsession with cryptocurrency, and a little bit of luck of course.
Can Ethereum be become more popular than Bitcoin? Learn here
If you’re thinking about doing what I did, you should read read this first