The famous Chinese bitcoin investor, Mr Zhao Dong disclosed in public, his experience as a new member of the bitcoin family, the losses he suffered and his idea about where the sector is heading towards.
Zhao Dong is the creator of DFUND who has established his recognition in China as one of the biggest OTC traders. But his journey wasn’t as smooth as it is now and he had even planned his suicide for the losses he incurred.
Zhao Dong’s initial losses in the Cryptocurrency Markets
Zhao Dong initially entered the Bitcoin market with 10 million yuan which is about $1.58 million US dollars. And soon he was in debt of 60 million yuan from his close ones as he lost 9000 bitcoin in just a day during February, 2014. He lost his desire to continue living. However, he managed to stay strong and see what came his way next.
Mr Dong’s recollected that in 2014, he lost about 150 million yuan because of his decision to make the biggest bitcoin mines in China.The mining functions were mainly operating in Shanxi, Inner Mongolia, Shenzen and Sichuan. The Bitcoin prices fell and Zhao was so much in debt that he couldn’t even afford to pay the electricity expenses.
In 2015, Mr Dong was ordered to liquidate the setup and he received only 3 million yuan for hardware which at the very beginning cost him about 50 million yuan.
Today even though he is a reputed OTC trader, he doesn’t consider himself a professional analyst. He thinks of himself as a small profit maker and encourages the traders to understand risk management since that is the most essential thing to comprehend now.
He has also stated that Cryptocurrencies “will have a profound impact on human history. Bitcoin is the first time in human history to use technical means to ensure that private property is sacred and inviolable”.