The cryptocurrency market promises apparently a fabulous profitability, but trustful investors and traders often make incorrect trading decisions. One such story occurred with a trader from Abu Dhabi.

Reddit user under the nickname Crypthomie telled his story about how he lost almost all his investments in cryptocurrencies. Now he has to pay back his loan to a bank, and it will take three years more to climb out of the debt pit. A 32-year-old trader from Abu Dhabi took a loan in Emirates Islamic Bank for 338,000 dirhams ($1,265,000). He was supposed to pay back to bank $147,200 including interest.

He invested recieved loan in cryptocurrencies, but not in bitcoin. He decided to make investments in altcoins, such as NEO, Stellar, Litecoin, Ethereum and “some shitcoins that lost 95 per cent of their value already,” the trader wrote.

“Well I bought most of my Neo at 150$. Today it's below 20$. Same for Ltc around 250$. Hpb at 8$ now at 98cts and the list goes longer.”

According to him, this was his first experience of investing in speculative assets. He added that getting a loan of $100,000 in the UAE is quite simple and takes a few days.
He attached a screenshot of the loan repayment schedule to his post, according to which he would have to repay 8194 dirhams ($3,067) monthly till 14 December 2021.

“Here is my bank installment related to the loan I took to invest in crypto. Still three-and-a-half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85 per cent loss. I hope it gives you a lesson.”