Risk Assessment: 17% Got Into Debt For Purchasing BTC In 2017

The latest risk assessment reports show that the high volatility of the number one cryptocurrency led to a lot of people going into debt after their purchased BTC in 2017. Let’s find out more about this report in the latest bitcoin news below.

The price of BTC dramatically moved from $600 in November 2016 to an all-time high of more than $20,000 in December 2017. Of course, many decided this was an opportunity to buy some bitcoin during the crypto bubble period hoping that the prices will skyrocket even further. Also at the same time the ICO craze began and many novice investors threw their funds into new ICO projects where most of them turned out to be fraudulent. Most of these ICO tokens today are worth nothing. Sadly, the bullish bitcoin price bolstered the entire crypto market and later came crashing down sooner than it was expected. From the previous $19,800 price in 2017 to a low of $3120 on December 2018 and a current price of $8000. Not too many people will admit that they lost money but according to the latest risk assessment reports, we can learn a valuable lesson and a reminder to take extra caution when investing in crypto.

The people who participated in the survey were asked how much money they lost when buying crypto and with more than 2000 replies, 54 percent of the surveyed said that they had lost about $10,000. 10% of them lost between $10,000 and $50,000 and 6% lost between $50,000 and $100,000. The second question was even more interesting as it was trying to give a wide picture of how many people got into debt for buying Bitcoin. Interestingly, 17 percent admitted that they went into debt for purchasing crypto. Since people are emotional creatures and they got into the FOMO really quick, the numbers are as they are when it comes to investing and losing everything you had. One of the top rules before you make such a high-risk investment is to only risk amounts that are affordable without putting yourself in danger of going into debt or ending up owing someone money.