• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Ledger CTO Warns Of Crypto Clipper Malware Following Major NPM Breach
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Ledger CTO Warns Of Crypto Clipper Malware Following Major NPM Breach
Bitcoin bubble

Two UAE Investors Learned Bitcoin Isn’t a Get Rich Quick Scheme

Adam James
by Adam James
7 years ago
·
Posted in Bitcoin, Bitcoin Investment, News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Two first-time cryptocurrency investors shared their stories with The National on Wednesday, which illustrate that Bitcoin indeed isn’t the get-rich-quick scheme many people mistakenly believe.


‘ … What I Made, I Then Lost’

First up is a Pakistani investor named Mohammed, who first invested in the Bitcoin market in December 2017. Mohammed told The National:

I invested $10,000, made 30 percent and sold a week later. Then I put the whole $13,000 in again a few days later.

Mohammed then took out his money when the steep correction began in January. By then, however, it was too late. He’d already lost the 30 percent he initially made.

Not to be deterred, Mohammed took his chances on Bitcoin again after Chicago’s CME Group launched its Bitcoin futures contract in December. The results were not what he anticipated. Mohammed explained:

I knew that would give the currency respectability and there would be a flood of people buying for fear of missing out. It was a chance to make some money but what I made, I then lost. It was fun but I will never go near that stuff again.

 ... What I Made, I Then Lost

Mohammed’s story illustrates an important point which is lost on many digital currency investors looking to get rich quick — Bitcoin and other well-established cryptocurrencies like Ethereum, Litecoin, and Ripple won’t make you rich overnight. Rather, they’re long-term investments whose use cases have yet to be fully explored and utilized.

We’ve all heard stories of people who’ve mortgaged their house, bet big on Bitcoin, and then made massive gains. For each of those lucky gamblers, however, there is a sea of unlucky investors who’ve found themselves left holding the bag after buying in at all-time highs or not doing their due diligence. Don’t be the latter.

‘It Was a Bit Scary… ‘

The second individual who shared their story with The National is Fred, a British communications executive residing in Dubai, who actually took the time to study up on Bitcoin. He bought into the digital currency in November when it was $9,000 per coin, explaining:

I was very skeptical about the links with purchasing on the dark web and the lack of security with a central bank. But the more I read up on Bitcoin, blockchain and other cryptocurrencies, I realized it was more likely to have an impact in the future of business and offered a genuine and secure opportunity for peer-to-peer lending without the need for expensive fees or currency transfer rates.

Fred first invested $900, which he built up to $4,000. He, like many others, lost most of that when the correction hit. Fred explained:

When it spiked to $20,000 briefly, I thought about selling. Then it started to crash so I sold some at $15,000, with the profits paying for Christmas. It was a bit scary when it went as low as $5,000. There isn’t much history of cryptos to go on, but what there is suggests January usually sees a crash/correction and then a recovery, which is what’s happening now. I bought some more when it rose back […] so I’ve got about a third of a coin.

It Was a Bit Scary ...

Still, Fred’s down overall — but has the right attitude about it, telling The National:

Bitcoin is not far off returning to a price that will give me a profit again. It isn’t for the faint-hearted but I’ve got a clear figure in mind for its value when I exit. It’s a fun ride, but I’m aware it could all disappear overnight.

By doing your research, having a sound plan, and refraining from investing money you can’t afford to lose, you too can ensure your Bitcoin investments are “a fun ride.”

What do you think of these two UAE investors’ stories? Let us know in the comments below!


Images courtesy of Shutterstock, AdobeStock, Pixabay

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Adam James

Adam James

Follow

Adam James lives in Budapest and is the Managing Editor of Bitcoinist.com. He digs Gibson guitars that sound like Tyrannosauruses, Romantic & Victorian poetry, Franco-era Spanish films, LPs, Chelsea FC, Bob Dylan, Pilot G2 10s, black coffee, video games, and cryptocurrency.

Full Profile

Related Posts

Bitcoin

Over 1 Million In Bitcoin Locked In Treasuries As Institutions Pour In $1 Billion

1 day ago
Bitcoin

$5 Billion Bitcoin Treasure Tied To Piracy Website Found In German Wallets

1 day ago
Bitcoin

Bitcoin Indicator Re-Enters Accumulation Zone After 147 Days – Details

1 day ago
Bitcoin

$6B In Bitcoin: Marathon Digital Treasury Now 2nd-Largest Among Public Firms

1 day ago
Bitcoin

Bitcoin Miners Still Under Pressure In 2025 — How Long Can They Hold?

2 days ago
Bitcoin

Analyst Says All Bitcoin Price Uptrend Are Duds Unless This Happens

2 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Domain Scams

    Scam Coinomize Domains: How to Spot and Stop Domain Scams

    23 minutes ago
  • miner

    New hope for XRP holders: Switch strategies and earn $7,481...

    2 hours ago
  • miner

    ETF fever sweeps the market, BAY Miner cloud mining allows...

    3 hours ago
  • miner

    Institutional capital pours into DOT Miners, pushing XRP...

    3 hours ago
  • miner

    Ripple (XRP) on-chain popularity surges: FindMining opens...

    3 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.