A YouTuber and investor, has become a case study in the dangers of getting rich quick with bitcoin.
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Kiarash Hossainpour found a shortcut to getting filthy rich. When he still couldn’t grow facial hair, he was online giving seminars on entrepreneurship.
But last spring, his fortune vanished during the collapse in the price of cryptocurrencies. From one day to the next, he had lost everything.
However, even after this disaster, the 22 year old German of Iranian origin is not giving up. After losing up to 90% of his digital investment portfolio, Hossainpour assured that he will continue to invest in bitcoins. A firm believer in the future of cryptocurrencies, he notes that “accumulating losses… is part of the game.” It builds character.
Bitcoin is trading today at €25,937 per unit far from the all time high of €67,205 that it reached in November 2021. Still, it remains the most stable of all the cryptocurrencies in which Hossainpour invested. The true lethal bite to his finances has come from Luna, the cryptocurrency on which he was betting with messianic fervor just a few months ago on his YouTube channel. It lost 99% of its value.
What happened ⁉️
Hossainpour blames the disaster on the “incompetence” of the team that launched the cryptocurrency. He acknowledges that he did not see it coming. The “sixth sense” that allowed him to accumulate hundreds of thousands of followers on his financial advice channels on social networks has wasted away.
This has also impacted his net worth, because the young German is, in addition to being an investor, an “influencer.” Or, in the words of US stock market advisor and radio host Clark Howard, “an irresponsible man who [caused] thousands of unknowing people to go bankrupt.”
