Crypto Trader Apologizes for 1,200% Gains

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Crypto Trader Apologizes for 1,200% Gains

Extreme wealth is widespread in the upper levels of the bitcoin investing world. For example, earlier this year’s bitcoin Consensus conference in New York City included a fleet of Lamborghinis and other luxury automobiles, and individuals who have been most successful in the digital currency industry are also recognized for living lavishly in other aspects of life. However, with the rapid rise to popularity of a new set of cryptocurrency billionaires, not all investors have responded in the same manner to their newfound money. According to Business Insider, members of the bitcoin elite are even embarrassed by their massive profits. One trader even apologized to a hedge fund lawyer for his profits.

$600,000 to $8 Million

Cryptocurrency hedge fund lawyer John Lore has ample experience interacting with top cryptocurrency investors. He explains that “some of them make me feel bad about my own net worth and what I’ve done with my life,” but on the other hand, Lore says he “even had a fund manager apologize for making so much money and said he’d donate a lot to charity.” This particular manager had invested about $600,000 initially and that the rise in the cryptocurrency market had left them with about $8 million. Lore explained that “my son took one look at that and decided he’s going to be a cryptocurrency manager.”

Lore, the founder of Capital Fund Law Group, a New York-based company specializing in advising hedge funds and asset managers, has said that the get-rich-quick stories of these cryptocurrency leaders have inspired many investors to join the space. “There’s a lot of demand but I think right now there’s a lot of need for education,” he explains. “Never has there been a more diverse group of potential managers coming to us. These aren’t just all former buy-side analysts at investment banks, they’re coming from all different aspects.”

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Easy to Forget Risks

Seeing stories like the one above, it’s easy for even seasoned asset managers to forget the extreme risks associated with the cryptocurrency space. Lore’s words of caution for would-be cryptocurrency investors and hedge fund managers ring true across the industry. It’s important to remember that the cryptocurrency millionaires are likely the extreme exception, rather than the rule.

Investing incryptocurrenciesand Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation byInvestopediaor the writer to invest in cryptocurrenciesor ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns bitcoin and ripple.

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