A crypto trader said he traded in his $8,200 Rolex watch to buy cryptocurrency and is now worth a little more than $1.18 million – but admits the crashing market has halved his wealth.
Kain Roomes, 29, first invested in Bitcoin in March 2018 after his dad encouraged him to look into crypto.
Roomes, then a part-time model, was behind on his mortgage, had considerable debts and no disposable income, he said.
He decided to sell his $8,200 Rolex he’d received as a 22nd birthday present years earlier to fund his first investment.
Roomes bought different cryptocurrencies and studied the market, learning about the best times and places to invest, he said.
And, in 18 months, Kain had made over $100,000 just through investing alone, he said.
After gradually building his investments, his portfolio reached its highest value ever of over $3.3 million in May 2021.
A huge crash in the market in March 2022 cut his wealth by over half, but it now still stands at $1,265,366.10.
He’s also traveled the world, vacationing in luxury locations like Dubai, the Maldives and Jamaica.
Kain Roomes, SWNS/Zenger
Roomes, who comes from north London, England, said: “With my dad’s help, I did my research and made sure I was investing into 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-racking 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 has 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 – he’s been a mentor throughout my whole experience with crypto.
“Cryptocurrency is an extremely risky game, but if you take the right precautions you can prosper.
“I want to inspire others to get into crypto and change their lives the way I changed mine.”
Now Roomes is focusing his efforts on writing his first book, detailing some of his struggles and giving advice to those looking at getting into crypto.
He said he wants to give hope to other people and be successful in the crypto market.
“I want to stay involved in crypto and earn as much as I can from it,” he said.
“Since that original investment I have only ever reinvested profits to get where I am today.
“I’ve seen so much success from it so why would I simply walk away now.
“I’m prudent with my spending – I don’t own a car or fancy clothes.
“I’ve taken profits to enjoy nice holidays with my family but that’s the extent of it – just because I’m a millionaire I don’t want to waste what I’ve earned.
“Since the March crash there has been other instances where I’ve suffered some considerable losses.
“But I’m confident the market will bounce back – like it always does.”
Produced in association with SWNS,
This story was provided to Newsweek by Zenger News,
Credit: www.newsweek.com /