Peter McCormack, a popular online cryptocurrency personality, recently wrote an article for The Guardian's technology section in which he details how he got into crypto and how the 2017/2018 seasons have treated him. However now he remarks on twitter that the article's title, Experience: I made $1m on bitcoin – and lost it again, is a bit misleading.
Yesh, misleading title— Peter McCormack (@PeterMcCormack) January 11, 2019
The essence of why the title is misleading is that McCormack didn't really make or lose over $1 million dollars, he simplay failed to cash out in 2017 at the height of the bull run, when his portfolio was worth more than $1 million. This point was elaborated on in the responses on twitter and McCormack himself:
Yeah, I get it and you are right. I didn't really lose a million and actually, I am still up, marginally.— Peter McCormack (@PeterMcCormack) January 11, 2019
The whole situation deals with an often misunderstood aspect of investing, that is, profits or losses are only realized when you sell. If you don't sell, you haven't technically earned or lost anything.
Based upon his own writing, McCormack has no ill feelings concerning the whole thing as it is what launched him into his current popularity. As he says in the article:
"...if I had to choose between the $1.2m and the podcast, I would let the money go again – I love what I do now."