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| Bitcoin latest: Who has lost huge sums of money over the cryptocurrency? | Bitcoin latest: Who has lost huge sums of money over the cryptocurrency? |
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| The price of bitcoin and other cryptocurrencies has soared this year to record levels but for some, the bubble has already blown up in their face. | The price of bitcoin and other cryptocurrencies has soared this year to record levels but for some, the bubble has already blown up in their face. |
| Investors joining the bitcoin craze in December will have seen the value of their investments drop dramatically. Bitcoin tumbled by 30 per cent on Friday to as low as $10,775. | Investors joining the bitcoin craze in December will have seen the value of their investments drop dramatically. Bitcoin tumbled by 30 per cent on Friday to as low as $10,775. |
| As regulators debate how to handle cryptocurrencies, some people have already lost huge sums of money on bitcoin overnight. | As regulators debate how to handle cryptocurrencies, some people have already lost huge sums of money on bitcoin overnight. |
| Harvard educated Cameron and Tyler Winkelvoss, also known as the Winkelvoss twins, may feel the biggest hit from bitcoin volatility. On Friday afternoon, their bitcoin stock was worth around $1.53bn, a fall from £2.34bn from Sunday. | |
| The bitcoin billionaires bought 1 per cent of all bitcoin tokens, or 120,000 coins, in 2012 when one coin cost below $10, as reported by the New York Times. Despite the volatility, the brothers have held their ground on bitcoin. | The bitcoin billionaires bought 1 per cent of all bitcoin tokens, or 120,000 coins, in 2012 when one coin cost below $10, as reported by the New York Times. Despite the volatility, the brothers have held their ground on bitcoin. |
| “We are very comfortable in very high-risk environments with absolutely no guarantee of success,” Tyler Winklevoss told the New York Times on 19 December. “I don’t mean existing in that environment for days, weeks or months. I mean year after year.” | “We are very comfortable in very high-risk environments with absolutely no guarantee of success,” Tyler Winklevoss told the New York Times on 19 December. “I don’t mean existing in that environment for days, weeks or months. I mean year after year.” |
| It's not just bitcoin billionaires feeling the hit. Michael Foote, CEO of insurance comparison website Quote Goat, lost £500 in 24 hours on Thursday. | It's not just bitcoin billionaires feeling the hit. Michael Foote, CEO of insurance comparison website Quote Goat, lost £500 in 24 hours on Thursday. |
| “Bitcoin has lost its meaning – it’s not the alternative currency it was originally meant to be”, Foote said. | “Bitcoin has lost its meaning – it’s not the alternative currency it was originally meant to be”, Foote said. |
| The Londoner invested in bitcoin, litecoin and ethereum in September and sold the majority for a 300 per cent profit, but found the last remaining bitcoin transactions delayed and as such, devalued in the latest volatile drop on Thursday. | The Londoner invested in bitcoin, litecoin and ethereum in September and sold the majority for a 300 per cent profit, but found the last remaining bitcoin transactions delayed and as such, devalued in the latest volatile drop on Thursday. |
| “For the average person like me, bitcoin is always a gamble”, he told The Independent. “But people are treating it like a punt”. | “For the average person like me, bitcoin is always a gamble”, he told The Independent. “But people are treating it like a punt”. |
| The entrepreneur says he’s staying away from bitcoin for now, and may look into alternative cryptocurrencies such as ripple – “something with more substance – but only a little more”, although he admits that “substance” isn’t the best word for cryptocurrencies at the moment. | The entrepreneur says he’s staying away from bitcoin for now, and may look into alternative cryptocurrencies such as ripple – “something with more substance – but only a little more”, although he admits that “substance” isn’t the best word for cryptocurrencies at the moment. |
| “I’m very heavily against encouraging anyone to invest unless they are happy to lose it all”, he said. | “I’m very heavily against encouraging anyone to invest unless they are happy to lose it all”, he said. |
| “[It’s] definitely not a get rich quick scheme!” | “[It’s] definitely not a get rich quick scheme!” |
| A South African investor admitted on Twitter on Thursday to losing 6,000 Rand (£352). Lauren Cohen-Mendozza tweeted: “Husband has now lost 200k on Steinhoff. I’ve lost 6k on bitcoin”. | A South African investor admitted on Twitter on Thursday to losing 6,000 Rand (£352). Lauren Cohen-Mendozza tweeted: “Husband has now lost 200k on Steinhoff. I’ve lost 6k on bitcoin”. |