I belong to an upper-middle-class family, in Pakistan. I work in a software company and live in my parents’ house. Like anyone else, I have also dreamt of having my own home. In doing so, my father insisted me to buy a piece land and built a house later in life. I had saved my money for this purpose. At the beginning of 2017, I purchased some land for around PKR 1.5 Million. It was a newly launched housing scheme and the rates of the land were expected to increase within a year or two.
By the mid of 2017, we came across this highly trending cryptocurrency, known as Bitcoin. For those who still have no idea what bitcoin is, let me tell you the basic concept of bitcoin or the cryptocurrency. It is a type of digital currency that uses encryption techniques to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
This new digital money making was so much in the trend that its value increased on a day to day basis. I decided to google what the hype was all about, read a few articles and to be honest, I was sold.
I decided to get the market rate of the land I purchased at the beginning of this year. Nobody would believe, but I actually sold that land for a complete PKR 3 Million. I already made a profit out of that 1.5 Million worth land in the double amount.
When Bitcoin reached its highest value of the year, on December 16, 2017, at $ 19172.59, I decided to invest my $27120 in it which was equivalent to 1.5 bitcoin at that time, hoping for it to get doubled by the end of 2018.
Unfortunately, today, i.e. February 27, 2018, I am back to square one. With Bitcoin at $10405.73, I am back with that 1.5 Million Pakistani Rupees. In less than three months I have lost half of my investment. What else should I wait for?
For the land, you ask? That same land is worth PKR 4.5 Million today.
For heaven’s sake people, do consider my experience if you are planning to sell your property for the sake of Bitcoin investments. A piece of land is not worth putting at stake for bitcoin, if not today than tomorrow, your land will give you at least double the profit of what you have invested. Don’t get into fake promises and the dreamland it offers you in the beginning. Do not lose your money.