BITCOIN WARNING: Investor who made MILLIONS from currency in alert – ‘It may be WORTHLESS’
POTENTIAL bitcoin investors have been advised not to waste their cash on the cryptocurrency by one financial guru who made millions from it.
By VICKIIE OLIPHANT
Express.co.uk
Fri, Dec 15, 2017
US investor Grant Sabatier, 32, reached his goal of becoming a millionaire by age 30.
He first invested £3,739 in Bitcoin in 2013 at £53.85 per coin, a far cry from the current value of more than £13,200 per single Bitcoin.
His investment is now worth a staggering £859,081,74, owning approximately 69.2 Bitcoins.
But despite his wealth of savings from the cryptocurrency, he warned throwing savings at the controversial cyber cash is a “terrible idea”.
Mr Sabatier, who is the founder of Millennial Money and lives in Chicago with his wife, said Bitcoin is “short-term gambling, not investing”.
He added: “I decided to buy as a long-term experiment and used less than one per cent of my net worth at the time to buy into Bitcoin.
“Sure, I wanted to make money on it, but if I lost everything, it wasn’t going to change the course of my life.
“Bitcoin is trading at $16,600 (£12,414.48), which makes my bitcoins now worth $1,148,720 (£859,081.74).
“It took me five years working 80-hour weeks to make over $1million (£747,860) saving and investing in the stock market.
“It’s by far, without a doubt, the easiest money I have ever made. But I don’t recommend you invest in Bitcoin today.”
Describing bitcoin as a “global craze”, he claimed even his barber “who has no idea what a blockchain is” has said he wants to buy into the craze.
But he warned that because the rice can fluctuate 20 to 30 per cent in one day, it is almost impossible to accurately assess its value and is hugely unstable – meaning “you could lose all of your money very quickly”.
Mr Sabatier also warned cyber wallets could get hacked regularly and said because there is no central governing body to guarantee bitcoin, it can be difficult to get back if lost.
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