Monday, February 26, 2018

21-Year Old Guy Commits Suicide Due To Bitcoin Loss

Kang-Dong Pyo committed suicide earlier this month after suffering a big loss in Bitcoin.

The 21-year old South Korean who was in college was suffering from depression and anxiety that was caused by the major price drop of Bitcoin, whose value dipped by more than 50 percent in just a month.

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Bitcoin Suicide, Anxiety and Fear

His body was discovered in his room by his mother with a 13-liter gas tank of helium. The mother said Kang-Dong was under medical treatment to help him through his depressive state caused by Bitcoin crash.

Seeing his investment turn into a big loss and with no signs of a bullish market, the mother said, he took the extreme measure of ending his own life. She also revealed that the news of South Korean government possibly shutting the domestic cryptocurrency exchanges and Bitcoin trading deeply affected him.

Had Kang-Dong tried just a few weeks more, the current Bitcoin price surge could have saved his precious life.

This whole episode affirms that basic investment rule that one shouldn’t invest money in an asset that they cannot afford to lose.

“Don’t invest money that you cannot afford to lose!”

The recent bloodbath in the crypto world has raised concerns in the community. Thousands of people and families have ended up in big debts with major Cryptocurrencies like Bitcoin, Ripple, and Ethereum taking a big hit in their price.

This isn’t a matter of one incident. Similar Bitcoin suicide stories have been reported in various parts of the world. The result of this was that a popular cryptocurrency forum on Reddit with half a million subscribers featured a US Suicide Prevention Hotline that offered help to crypto investors to cope up with their financial losses.

How much money have you invested?

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Invest in Bitcoin Smartly

Admittedly, the Bitcoin prediction 2018 looks quite interesting and positive. Plus, a large section of experts believes that Cryptocurrencies are here to stay.

But all being said, one cannot overlook the possibilities in this world. What if the Bitcoin price crashes? What if this entire virtual currency world crumbles due to higher government interference and hefty regulations? You must always play safe to counter such possibilities.

So don’t put in all your life’s savings in Bitcoin or other Cryptocurrencies. Investing in one asset is always a bad idea. Every heard ‘don’t put all your eggs in one basket’?

Spread your portfolio. Be bullish on Bitcoins, but also let your money explore stock market, mutual funds, and Forex. The more diverse your investments are, the better is your risk management. Your fear and anxiety will be much easier to control during times of big price swings.

Bitcoin will continue to perform well in the coming months and years. However, taking its past performance as an assurance for its future, and hoping it would turn you into a millionaire, it’s a bad notion to hold.

Invest and trade safely. Even if you incurred losses, don’t be disheartened. You can gain back your money. Your health and life, there are once lost can’t be regained. If you need any help, contact us.

Remember, there are many Bitcoin loss stories—but there are even greater number of Bitcoin success stories :-)

Also Read: Bitcoin Trading For Beginners - 7 Deadly Mistakes You Are Making

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