Zhao Dong, a chinese famous investor and speculator, did not have an easy path to fame and fortune with the cryptocurrencies. In an interview published by the social network Wei Xin.
Zhao said that before the success he had so many losses that he even contemplated the possibility of committing suicide as a result of his bad luck and the difficulties he was going through.
According to the interview, which is originally in Mandarin Chinese, Zhao invested about 10 million Yuan in 2014 due to the news of the bullish trend of Bitcoin. As a result of this hype, he borrowed approximately 60 million Yuan, which were lost as a result of the sharp fall in Bitcoin at the beginning of 2014.
He even lost 9000BTC in a single day, which caused him such a deep depression that he contemplated suicide, but Zhao decided to persevere believing in his abilities.
Zhao says that he decided to open a series of mining farms in various cities of China, however, due to the inability to pay the financing because of the fall in prices, he had to liquidate his mining operations, receiving 3 million Yuan despite the fact that his initial investment had been approximately 50 million Yuan.
“After Bitcoin fell 900 yuan in early 2015, I was forced to sell all the mining equipment (because of debts from previous fundraising), and the miner produced at an initial price of 50 million yuan was sold for less than 3 million yuan. And since almost no one took over my mine at that time, I was very grateful to those who bought mine.”
However, after these failures, Zhao began a series of successes that led him to amass a vast fortune and fame. The bitcoin not only recovered, but it also did so in a way few would have predicted. He says that his first success was to double an investment of 10000 Yuan, so he bought his first iPhone.
“I bought 10 Bitcoins for RMB 10,000, soared, plunged, and rebounded within two weeks. I was lucky to catch all of them. Stayed, made more than 10,000 by 10,000 yuan, my first iPhone or because of this.”
But 10,000 yuan is not worth a news headline (and it wasn’t enough for Zhao either). The year 2017 was the year of crypts, and Zhao Dong went along with several billion dollars in profit thanks to his activities.
Zhao reached a point where he could hardly afford the losses generated by his investments in cryptocurrencies. However, he persevered and learned a lesson that he transmits today to the rest of investors, especially the most novice, regarding the importance of knowing well the type of “candles” in which they choose to operate:
“My simple suggestion is that if you are not optimistic about this market for a long time, it is best not to touch. If you are really bullish, buy a little bit of the small position (not used for a few years) and forget to buy it”