The tech enthusiast revealed a ₹67 lakh loss in cryptocurrency investments from November 2021 to June 2022.
Ethan Nguonly, a 22-year-old software engineer at Google, recently opened up about his most significant financial blunder. According to CNBC Make It, Mr. Nguonly disclosed that he suffered a ₹67 lakh loss due to leveraged cryptocurrency trading – a practice that involves using borrowed funds to invest in cryptocurrencies.
Hailing from Orange County, California, the young tech enthusiast had embarked on his investment journey in the stock market with the guidance of his parents when he was just a teenager. His investment portfolio currently boasts over ₹1 crore in retirement and brokerage accounts, as well as ownership of two houses.
Mr. Nguonly shared that he incurred a ₹67 lakh loss in the cryptocurrency market between November 2021 and June 2022. He revealed to the media outlet that this loss included ₹24 lakh from his initial investment and an estimated ₹41 lakh in unrealized gains. In addition to investing around ₹33 lakh in Bitcoin and Ethereum, he had also dabbled in smaller altcoins like Shiba Inu and Dogecoin, allocating a few hundred dollars to these speculative assets. However, enticed by Bitcoin’s surging price, he made the fateful decision to invest an additional ₹12 lakh on margin.”
“At the age of 22, he recounted to the publication how his fortunes soared, with gains totaling approximately ₹42 lakh when Bitcoin reached its all-time high. However, as the crypto market shifted gears at the close of 2021, and by the summer of 2022, Bitcoin’s value plummeted by over 70 percent.
Reflecting on his experience, Mr. Nguonly admitted to CNBC Make It, ‘I was investing with funds I didn’t necessarily possess. When the crypto market took a downturn, my losses were magnified.’
In hindsight, Mr. Nguonly doesn’t entirely regret his foray into cryptocurrency investments, even if it meant borrowing money. He still maintains investments in cryptocurrencies but has adopted a more conservative approach, focusing on well-established tokens like Bitcoin and Ethereum, steering clear of the volatility inherent in alternative cryptocurrencies.
He reflects on his ₹67 lakh blunder as a valuable lesson, emphasizing the importance of ‘only investing funds you actually possess and avoiding excessive leverage in highly speculative investments,’ he concluded.”
“Additionally, Check Out: 22-Year-Old Google Engineer’s Ambitious Plan to Achieve ₹41 Crore in Savings and Retire by Age 35. Discover the Strategy.”
“In a prior interview with CNBC, he articulated his aspiration for early retirement, setting a goal to amass $5 million (approximately ₹41 crore) by the age of 35.”
