There is a saying, “only invest what you can afford to lose“. This college student from India invested ~4300 dollars (350,000 INR) in cryptocurrency and lose huge amount of money while doing crypto trading.
Reports say he had invested this amount without telling his family about it. On the day he committed suicide, he went to his mother’s room to discuss studies and later went to his room. Once his mother realized he has not come out of room after long time, she went inside to check on his only to found him hanging.
Upon checking his phone, police found long chats about his bitcoin investment which we think could be any cryptocurrency.
Our take on this – while bitcoin crashed from $69,000 all the way to $13500, it has not performed poorly as compared to most of the altcoins which have lost between 90-99 percent in value. It could be he had invested the money in an altcoin at its peak that lost 90% in value that ultimately lead to severe depression.
We also think if he had discussed this with his family member(s), he would have felt better.
The Indian police is still investigating this matter and we will keep you posted on any additional details as well.
I am from Brisbane, Queensland and I hold post of Associate Editor at Cryptocoindaddy.