For a long time, the rise of cryptocurrency seemed to have not come to an end, but in early 2018 the rate of bitcoin and other digital currencies collapsed. The crash made many people bankrupt, but some became enormously rich with it. The American Dan Conway is one of those people. He put all his savings and that of his wife on Ethereum and became wealthier than he could ever have imagined. He has written down his incredible story in a book: “Confessions of a Crypto Millionaire.”
45-year-old Dan Conway worked in 2016 for a large multimedia company in San Francisco. As a member of middle management, he had a good wage, but Dan wasn’t feeling well in the company anymore. The writer of Confessions of a Crypto Millionaire tells the news site The Hustle how he started to hate rotten corporate culture and bureaucracy. The Crypto Millionaire once hoped to escape from the daily grind but did not immediately see a way out. Until somewhere in 2015, his eye fell on an article about Bitcoin.
When Dan read the article, Bitcoin went through a difficult period. The currency had dropped from a peak of 1,300 dollars to 300 dollars. “But what if the value increases again, I thought,” writes Dan in his book.
Drinks and drugs had often put the author of Confessions of a Crypto Millionaire in trouble, and his impulsive behavior had already put him in trouble in the past. But at the same time, he was thinking about his wife Eileen, his three children, and how they were a bit short on cash. Then he decided to dive into the wonderful world of cryptocurrency.
For every story like mine, there are hundreds of people who have lost everythingConway sounds.
He read about Bitcoin, but his attention soon shifted to a new crypto coin: Ethereum. The fully decentralized currency was released to the world in July 2015, and connoisseurs had nothing but praise for it. It wasn’t long before Dan became obsessed with Ethereum. He read every tweet about the coin, listened to every available podcast, and spent every free minute studying Ethereum. His friends said he was crazy, but the Confessions of a Crypto Millionaire was so determined that: he would put everything he had in the coin.
From 100,000 to 40,000 to 6 million dollars
Less than a year later, Dan took the plunge. His wife, Eileen, was initially reluctant about his plan but saw how now enthusiastic Crypto Millionaire was and eventually went over. He just had to promise that he would take her and the kids on beautiful trips. Then Dan went to the bank to transfer all his savings, 100,000 dollars to a crypto platform. Then, he bought 6,993 ETH at 14 dollars. But soon, Ethereum dived into the deep end.
A month after his massive investment, only $40,000 was left of his $100,000. Ethereum had been walloped, but Dan decided to invest even more money. He had no cash left, so he took out a second mortgage on his house. Then another $200,000 pumped into Ethereum and was now really all-in. If this went wrong, his family would not only have lost all their savings, but they would also be homeless immediately.
The Crypto Millionaire had dug a well of $300,000 and now owned ETH 26,750 at an average purchase price of $11.21 per coin. In February 2017, the currency suddenly began to rise.
Dan would have waited months, but now he was finally back on profit. Between February and March, the value of Ethereum rose from 15 dollars to 50 dollars. The coin was worth 70 dollars in April and 230 dollars in May. Dan’s investment was worth no less than 6 million dollars in four months.
I would not recommend it to anyone, because happiness has played a major role in my successthe Author of Confessions of a Crypto Millionaire warns.
Because the crypto market is exceptionally volatile, Dan’s portfolio suddenly shot up with hundreds of thousands of dollars. But at other times, he lost up to 1 million dollars in one hour an emotional rollercoaster that started to weigh on Dan.
In December 2017, the price went up to $830 in two weeks, and in January 2018, Ethereum was worth more than $1,000. Everyone suddenly gave in to FOMO (Fear Of Missing Out) and wanted to invest in cryptocurrency. Alarm bells rang, and Dan decided to exit the crypto market. Then 11,000 sold ETH for more than $10 million and sent a text message to his wife: “It’s done.”
Not much later, the crypto market collapsed like a house of cards. Three months after Dan sold his coins, Ethereum was only worth $385 more. And another eight months later, the value was less than $100.
Dan and Eileen paid off their home loan, left on a dream trip to Africa, and bought a second home in Ireland.
Today, two years later, Dan is still awake because of the crypto madness in which he found himself. “I miss it enormously,” said the Crypto Millionaire, who has published a book about his adventure. In ‘Confessions of a Crypto Millionaire’ he tells his whole story.
To everyone who wants to follow his example, the author of Confessions of a Crypto Millionaire has a final message: don’t start. “I would not recommend it to anyone, because happiness has played a significant role in my success. I deployed everything on unproven technology and got out at the right time. For every story like mine, there are hundreds of people who have lost everything. I was there for the same money.”