A MAN who swapped his prized £7,000 Rolex for Bitcoin to pay off debts is now worth £1.1 million.
Kain Roomes, 29, from Enfield in London, fell on hard times in 2018 and in desperate need of cash, decided to give up one of his most valuable possessions.
Kain Roomes was in need of cash in 2018 as he struggled to pay his mortgage
He decided to trade his Rolex for Bitcoin
The 29-year-old, from North London, went from living at home with his parents at 25 to becoming a millionaire in four years
Despite little savings to fall back on, luckily, his first investment scored him £100,000.
He moved half of the takings into an Initial Coin Offering (ICO) and reinvested his profits into Zilliqa – another crypto coin – which allowed him to make his first one million pounds.
Kain says he was saved by Crypto as he navigated the difficult time in his life.
He told MyLondon: “I just took a leap of faith, followed my intuition, listened to my inner-voice and now it’s paid off.
“I was really struggling and going through a difficult time in my life.”
He credits his dad for believing in him over the past couple of years.
Kain said: “Every other family member thought I was going crazy but his faith in me made all the difference.
“To have someone believe in you that much…it gives you the confidence you need to achieve what you want to.
Of course returns when investing are never guaranteed, even more so with cryptocurrencies – but Kain says he’s aware of the risks.
Bitcoin plummeted to an 18-month low in June prompting investors to sell-off their holdings.
The price of the cryptocurrency plummeted by as much as 15 percent.
Kain was caught up when the market took a tumble in March, and lost half of his wealth after establishing a value of £2.7 million in May 2021.
With the intention of inspiring others to have hope, he said he’s no fool when it comes to the high stakes.
He said: “I’m not imposing anything on anyone – there are huge risks. People have to know you can lose everything.”
His warning comes after the world’s richest Bitcoin trader saw their fortune crumble by $6billion in just two months as the value of the cryptocurrency crashes.
Investors have been selling-off their holdings after Bitcoin slumped to an 18-month low on June 14.
At one point, Bitcoin, the world’s most popular crypto coin, fell as low as $20,950, according to coinmarketcap, but has since regained some ground.
He says he’s become familiar with the highs and lows of the market, losing as much as £100,000 on any giving day but keeping the faith.
The anonymous trader’s stake in Bitcoin was valued at $11.5bn at the start of April this year with a holding of more than 252,000 tokens, according to BitInfoCharts.
Today, at the time of writing, that holding is currently worth $5.24bn, a loss of $6bn.
He admits trading can come with big risks – but wants others to have faith
