- Massive debt, restless nights, and an ultimatum from his girlfriend resulted from Yves’s Bitcoin addiction.
- Yves’ circumstances changed with the 2017 Bitcoin boom, which enabled him to pay off debts and establish financial security.
Yves Welti’s obsession to digital money caused him to spend three years with restless nights, growing obligations to his grandma, and an ultimatum from his girlfriend. Investing heavily in cryptocurrencies at considerable risk, he became deeply in debt. But things unexpectedly change when Yves drives a posh Lotus today, a representation of his present prosperity.
2016 saw Yves’ lowest point on June 24. Seated on the sofa, he told his grandmother everything, tears in his eyes. The only one he could tell his terrible predicament was her. Her understanding gave Yves, a bon vivant, insurance worker, and Bitcoin gambler, comfort.
Yves: Mounting Debts and Financial Struggles
Yves had incurred debt of more than 90,000 francs and lost 180,000 francs in only two and a half years. The debt trap had securely trapped him, even though he was still making money. Even the interest on his loans was beyond his ability to pay. His financial circumstances looked dismal, and his life was in disarray.
Seeing how depressed Yves was, his grandmother made the decision to lend a hand one last time. After she cleared some of his debt, he vowed never to gamble with borrowed funds again. Though Yves pledged, there were concerns that he might be a con artist when he was seen leaving a bank branch with a huge envelope shortly after.
Addiction descended on Yves quite innocently at first. In autumn 2013, at the time one BTC cost 120 francs, he was a 23-year-old university student researching cryptocurrencies for a seminar report. Some months later, he used some of his funds to purchase his first Bitcoin. A seemingly simple matter swiftly became an obsession.
Uncovering Arbitrage
Yves came upon an arbitrage strategy that allowed him to acquire Bitcoin on less costly platforms and sell it on more expensive ones, with an astounding monthly return of about 8%. He was so successful with this tactic that he decided to write his bachelor’s thesis on it, certain he had discovered a guaranteed method of making money.
But Yves’ good fortune ended when a major chunk of his money was lost when one of the exchanges he utilized filed for bankruptcy. Promised to make a full recovery, he borrowed money from his grandmother and sisters, sure that lightning would not strike twice. He continued using his arbitrage system despite his first loss.
Yves moved into margin and future trading as his greed increased because leverage may magnify gains and losses. At a leverage factor of 20, for instance, a 5% increase in price may quadruple his investment, while a 5% decline would wipe everything out. Together with the erratic character of cryptocurrencies, such high-risk tactics made his investments risky.
Deepening of the Addiction
Yves’ addiction got worse when he started using credit companies to pay for his gaming. His sleep and personal relationships suffered as he watched Bitcoin prices all the time. The defeats were terrible, even with the sporadic victories. Her, or the Bitcoins, was the ultimatum his girlfriend issued. Yves, unable to kick his addiction, decided to carry on gambling covertly.
Zombie Life
Over this time, Yves turned into a “zombie,” obsessively checking Bitcoin prices every ten minutes and losing sleep over changes in the market. He was unable to trust anyone and frequently dozed off with his laptop on his knees.
His whole focus on cryptocurrencies caused him to have a schizophrenic relationship with money. He was still shopping for deals despite his large income since he could not make his financial circumstances make sense.
Yves briefly had financial success in the spring of 2016, growing 5,000 francs into 135,000 francs in just four weeks. This triumph was fleeting, though, and he soon lost everything, sitting on his grandmother’s sofa in hopelessness once more. Though he thought he would be paying off his obligations for years, fate had different ideas
2017 Bitcoin Explosion
2017 saw a big change in Yves’ life. It was nearly impossible to not make money with even a cautious approach after the Bitcoin market skyrocketed. As promised to his grandma, Yves ceased taking on debt and invested only his own money.
His methodical technique and the market surge caused his Bitcoin to appreciate to over a million francs.
By cashing out 250,000 francs and, at last, paying off all of his debts, Yves accomplished a major milestone.
A boyhood ambition fulfilled, he bought himself a Lotus and indulged in opulent purchases like rare cards from his favorite game, “Magic the Gathering.” He lived modestly in a shared flat and assisted his roommate with rent despite his sudden income.
Redefining Money Views
Yves’ viewpoint of money has evolved nowadays. He no longer has the same emotional connection to it; now he sees it as a tool rather than a final result. In order to repay online content producers, he wants to create a micropayment system.
Even with more than a million francs in cryptocurrencies, Yves sleeps easily at night and is unconcerned about market swings.
Even if driving his Lotus draws attention, Yves stays grounded. He steers clear of showing off his money and favors real connections. He put genuineness over looks and left the sports car in the garage for his first date with his present partner.
