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Submitted by the Bond & Botes Law Offices - Thursday, December 1, 2022
It is all over the news, there has been an implosion of cryptocurrency value. This has caused many to start cashing out to avoid large losses. And now, some of the banks and organizations that supported the crypto markets are failing because they do not have the cash to support customer withdrawals.
What Goes Up Must Come Down.
December 4, 2020, you could buy Bitcoin, the most familiar cryptocurrency, for $19,135.90, on December 1, 2022, Bitcoin is selling for $17,048.00. In the 24 months in between Bitcoin has traded as high as $64,400. Hopefully, if you were lucky, you sold your crypto at the high. However, many people and organizations are now holding cryptocurrencies that are either worthless or are worth only a small fraction of what they were purchased for. Some of these cryptocurrencies may recover their value but it may take years. Others may not or you cannot wait that long.
What Did You Do With Your Pandemic Stimulus Checks?
It looks like quite a few folks bought cryptocurrency. And now, with inflation and rising interest rates, these same folks are looking to cash out to cover their everyday expenses.
Now you need the Money and It is Not There.
The cost of everything is going up. Credit Card debt is growing, rents are rising, and your income just does not go as far as it used to. The stress can be overwhelming. And now you may no longer be able to access the money invested in cryptocurrency. What do you do?
Contact Our Debt Relief Attorneys
Experienced debt relief attorneys at the Bond & Botes Law Offices will help you build a sound strategy to recover from your loss. Stop collection activity and relieve the financial stress that can be overwhelming. Call us today 1-877-581-3396 or email us through our website for an absolutely free confidential consultation.
