A MYSTERY trader revealed that he quit his job as a driver after making a whopping $1.7million from a $670 investment.
Sharing the incredible story was Twitter-user @AustinT_BC who claimed his driver quit after making the huge return on his bet.
“One of my drivers quit because he made $1.7M in crypto,” they tweeted.
“On a $670 investment. Good guy, has kids.
“Doesn’t matter, that’ll still infuriate the bankers and lawyers slaving away for $500k a year.”
In a follow-up Tweet, they shared the conversation with the now-millionaire who revealed that the investment was in Shiba Inu.
The coin has gained some popularity in recent months especially after it was listed on the leading currency site, Coinbase, in June.
Earlier this month, a former navy officer bought his dream home after his $2,000 investment swelled to a huge $1million.
Terrance J Leonard said his initial outlay came after a colleague explained the ins and outs of cryptocurrency to him over lunch – and within two years he’s turned that investment into a life-changing sum.
But despite the stories of lucky investors gaining millions, people are being told to avoid it.
While the price could go up, some analysts say it’s highly unlikely it will ever reach the $1 mark as it can’t compete with rival Dogecoin.
Buying cryptocurrencies, like any investment, is a risky business and making money is never guaranteed so you’ll need to be prepared to lose what you put in.
Cryptocurrencies are also highly volatile, so the value of your investments can go down as well as up in the blink of an eye.
As always, you should never invest money in something you don’t understand.
The risks of buying with cryptocurrencies
Investing and making a purchase in cryptocurrencies such as Bitcoin is risky
Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.
Investing in cryptocurrencies is not a guaranteed way to make money.
You should also think carefully about making purchases with a cryptocurrency.
For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis.
The price of a Bitcoin was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later.
That’s a 15% drop.
These price swings are risky for a business as you could sell an item for a Bitcoin at one price and the value may drop soon after, leaving you with less money from a sale.
Similarly, the price of Bitcoin has soared by more than 21% since the start of this week so it can be hard for a shopper to get an accurate idea of the price of an item if its value changes on a daily basis.
A former supermarket warehouse manager named Rob has been able to retire at the age of 35, after making a risky $8,000 bet on Shiba Inu.
But another revealed he woke up to find he had lost nearly $500,000 on a cryptocurrency scam.
Brian Nguyen admitted he had become a victim after the developers of AnubisDAO – another dog-themed cryptocurrency like Shiba Inu – allegedly made off with $60 million of investors’ cash.
Shiba Inu has fallen from the all-time high price of £0.55 to lows of £0.29 in the last 30 days.
In the past seven days, the coin has risen by 13 per cent while the price has increased by 24.1 in the past day.
Buying any cryptocurrency is incredibly risky.