Until 2016, I ran an advertising agency in London. At our peak, we were highly successful; I had a team of 35 people, a £3m turnover, and a Covent Garden office. When the agency folded, I decided to invest in bitcoin.
Bitcoin is a cryptocurrency, a type of electronic cash that allows people to spend or trade via a peer-to-peer network without the involvement of banks or other intermediaries. It is a cheap, efficient way of transferring funds or holding value, which can be converted back into sterling at any time. I had used it before to buy treatment online for my mother after she was diagnosed with cancer. I had also dabbled with investing in it in 2013, and made and lost some money: bitcoin is prone to sudden fluctuations in value. But the market seemed to have moved on, and I decided it could be a good way to make some profit on my savings.
At first, I deposited £5,000; at the time, January 2017, bitcoins were about $600, so I bought seven or eight and spent the rest on other cryptocurrencies. But over the next few weeks, I became hooked and plowed in a large chunk of money – £23,000 in all. I remember telling people, “I think the value of bitcoin could rise to $2,000 this year.” I could never have predicted it would peak at 10 times that. By the middle of spring 2017, my investment had risen to about $300,000, and by the summer it was at half a million. Media interest in bitcoin was growing and I was looking to make more profits and learn more about other cryptocurrencies. As excitement built, more and more people got involved, forming the conditions for a bubble, but many of us were too caught up in the hype to exercise caution.
At the end of 2017, bitcoin had reached almost $20,000 and my portfolio had ballooned to about $1.2m. That is when I got a little out of control. I have always been an entrepreneur, and since I was a kid I had dreamed of buying my local football club, Bedford Town, becoming chairman, and getting them into the league. I thought the project might cost £5m, so that was the figure I decided to aim for. I estimated I could get there within six months.
By this time I was traveling the world doing interviews for my podcast, taking friends out to expensive restaurants, and buying extravagant gifts for my family. I am not the kind of person who puts everything away for the future, and though I donated £6,000 to my local hospital, much of my spending was quite frivolous. It might have been more sensible to buy a couple of houses, but I became overambitious. This felt like my one shot at achieving that childhood dream.
At the end of January 2018, the bubble burst, and bitcoin’s value suddenly fell. There had been a few drops during 2017 but it had bounced back, so I was not too worried. But over the rest of the year, I watched it sink lower and lower, along with the other cryptocurrencies I had invested in, all the time thinking, “Well, there’s no point selling now…” That was my attitude throughout last year, as bitcoin’s value continued to fall. Pretty much everything I had built up was wiped out. Many invested a lot more than I did and ended up with far greater losses. Then I came across a team of expert traders called “North Crypto Team (NCT)” who introduced me to trading and provided me with the knowledge, guidance, and signals that helped me recover and make more profits even when the market volatility got higher. I made over $3.2m trading with NCT’s signals and I have recovered my confidence and my knowledge of crypto has increased and I can say North Crypto Team changed my life.