Kain Roomes Has Lost a Lot of His Crypto

Kain Roomes is a 29-year-old crypto trader that has seen his wealth plunge in recent weeks following one of the most horrendous crypto crashes in history.

How Much Has Roomes Lost?

The digital currency scene has been one of ugliness and depression as of late. The digital currency arena has lost more than $2 trillion in overall valuation, and it looks like it may take a while for things to recuperate. The world’s number one digital currency by market cap (bitcoin) for example, has lost more than 70 percent of its value since last November, when it was trading at a new all-time high of roughly $68,000 per unit. Now, the asset is struggling to maintain $20,000.

Roomes first began getting involved in crypto in early 2018. His dad encouraged him to look at the space, and he immediately found himself completely involved. At the time, Roomes was working as a part-time model. He was behind on his mortgage payments and had serious debt to his name that he just couldn’t get away from.

As a means of funding his first crypto investment, he sold the $8,000 Rolex watch he had received for his 22nd birthday. He bought a wide array of digital currencies, and soon found himself with a stash worth more than $100,000. He has continued to invest and in the peak crypto year of 2021, his stash reached a whopping valuation of $3.3 million.

He’s used this money to relieve himself of the financial stress he was under. He has also engaged in lavish vacations to places like the Maldives, Jamaica, and Dubai. He says, however, that his net worth has fallen by more than half ever since the crypto crash began taking serious effect a few weeks ago, and he is now worth only $1.2 million at the time of writing.

Things Will Recover, He Says

In an interview, he commented that he’s confident in the decisions he’s made, and he believes crypto will come back in the coming months:

With my dad’s help, I did my research and made sure I was investing in a good coin. This led me to put 50,000 out of my first 100,000 into an initial coin offering (ICO) and reinvest the profits in Zilliqa, a booming cryptocurrency. It was nerve wracking making such a big gamble, but I managed to expand my portfolio twenty-fold from one investment. I suffered a lot after the crash, but I have full faith in crypto. I’ve experienced highs and lows while I’ve been trading and there have been times where I thought I wasn’t going to recover. At one point, I opened my trading account and 90 percent of my portfolio had gone. My dad has always been there for me when I was going through tough times with it.

Source: Read Full Article