MINNEAPOLIS, MN – After riding Bitcoin’s historic bull market over the past eight months to a 400% gain on his investment, 23-year-old Wyatt Wellney was shocked this past week to learn that Bitcoin can, in fact, decrease in value.
“I just didn’t realize that was a potential outcome. I just kept seeing memes that showed Bitcoin shooting to the moon and assumed this was a one-way rocketship,” said Wellney, “Makes me pretty uncomfortable to know that’s not the case.”
What Wellney was referring to was that in just 24 hours, Bitcoin lost nearly 25% of its value wiping $170 billion off of the market.
Wellney, a user of investment app Robin Hood, claims that his venture into Bitcoin was born of gut-wrenching losses suffered in the options market, a high-risk form of trading that the app has effectively game-ified.
“Robin Hood just makes it look so easy to make money on options. I mean you even get confetti every time you buy one! It seems so fun! Combine that with the genius of r/wallstreetbets and I seriously thought there was no way I could lose. I bet against Tesla, Amazon and Apple at what turned out to be the bottom of the market. We all see how well that turned out.”
$74,000 in options losses later, Wellney needed a way out. But instead of getting a job like a responsible adult, he decided to roll the dice on Bitcoin. And as luck would have it, he’s back to even.
Wellney concluded that he has, in fact, learned a lesson, “What a ride! I mean, if this taught me one thing it’s that you should go HARD on one risky investment no matter what the situation. So glad I learned this lesson when I was young. The future is bright!”