Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

I LOST $1 MILL Profit & $250, 000 in Principal with CRYPTOCURRENCIES

13 Oct 2024 · 1 min

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0:59

First-person account (Richard Canfield) describing rapid gains and subsequent large losses from cryptocurrency investing. The speaker describes making ~$50,000 overnight on swings while investing a few hundred thousand, reaching about $1,000,000 profit on roughly $400,000 invested by November 2021, then losing that profit and about $250,000 of principal six months later; the speaker indicates this pattern happened three times. The tone is reflective and cautionary.

Questions this video answers

$50,000

A few hundred thousand dollars

About $1,000,000 profit on approximately $400,000 invested

About $250,000

Three times

Chapters

That I had a lot more money, my wife and I, at this point, to invest. And I started really studying bitcoin and altcoins and crypto and all this, you know, toe in and then go bigger and bigger. The more I started to see it, the more I started to make money. And in a crypto bull market, if anybody's ever participated, you know, it's. There is no ride more fun if you're on this ride than these pumps where I was making like $50,000 overnight. And that's only with a few hundred thousand dollars invested, right? So I'd never seen returns like this. So I started putting more in and more in and more in. And I kept on telling myself, I'm doing it conservatively. I'm not get screwed. I'm not margin. I'm going to be okay. By November of 2021, I looked at my account, and I was in profit, a million dollars off of about a $400,000 investment. And so I was million in profit. Six months later, a million dollars in profit has evaporated, and I lost about 250,000 in principal. And it was one of those moments, like, you got to be kidding me. Three. Three times this happened.