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

John Lore, a cryptocurrency hedge fund lawyer, has extensive expertise dealing with prominent bitcoin investors. He admits that “some of them make me feel horrible about my own net worth and what I’ve done with my life,” but Lore also claims that “a fund manager apologized for earning so much money and claimed he’d contribute a lot to charity.” This specific management had originally invested around $600,000, and the surge in the bitcoin market had left them with almost $8 million. “My kid took one look at it and decided he’s going to be a cryptocurrency manager,” Lore added.

According to Lore, the founder of Capital Fund Law Group, a New York-based firm that specializes in advising hedge funds and asset managers, the get-rich-quick tales of these cryptocurrency entrepreneurs have spurred many investors to enter the industry. “There’s a lot of demand,” he says, “but I believe right now there’s a lot of need for knowledge.” “Never before have we had such a wide collection of possible managers approach us. These aren’t all former buy-side analysts at investment banks; they come from a variety of backgrounds.”

  Proof of Activity

Easy to Forget Risks

When hearing tales like the one above, even seasoned asset managers might easily overlook the enormous dangers connected with the bitcoin market. Lore’s warnings to prospective cryptocurrency investors and hedge fund managers ring true across the sector. It’s vital to realize that bitcoin billionaires are more likely the exception than the norm.

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the writer to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns bitcoin and ripple as of the day this post was published.

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