Banking Expert’s Big Bitcoin Warning: How I Lost It All

By: Rex Moore

Back in 2013, Matt Koppenheffer bought some Bitcoin when it was trading at just $768. And he never sold.

Today, with Bitcoin trading at about $16,250… Mr. Koppenheffer should be sitting on a 2,016% gain.

Instead, he has zeroand some big recommendations for those wanting to profit off the Bitcoin frenzy.

Matt Koppenheffer warns

Matt Koppenheffer warns

What happened to Kopp’s coin? 

Even though he never sold a single bit of his Bitcoin, the exchange he used, VirWoX, began charging account inactivity fees — in Bitcoin — that munched away at his balance until he had nothing left.

So much for long-term investing in Bitcoin, right?

Matt is a colleague of mine who was the banking and financial services bureau chief for the Motley Fool, and host of "Where the Money Is," one of the top-rated business podcasts on iTunes.

He recently showed me his account statements. It was amazing to see his balance head downward even as Bitcoin soared upward!

He’s a committed long-term investor who prefers not to check his accounts. And he simply overlooked the VirWoX fee.

Matt's big lesson, and a better way for buy and hold investors

As Matt told me, “Don’t make the same mistake as I did. It’s still the Wild West when it comes to Bitcoin wallets and trading, so don’t make any assumptions. Be careful!”

Look, Matt had it easy compared to others. Newsweek recently updated the story of an English man who accidentally threw away a hard drive that contained 7,500 Bitcoin — now worth over $100 million! (He’s still seeking permission to dig through 4 years of waste at his local landfill.)

All this — the fees, the weird ways of buying and storing cryptocurrency — points to Bitcoin’s big flaws. It’s just hard to buy and manage. 

Newsweek says around 2.78 million bitcoins have been lost, in one way or another, since the cryptocurrency was created in 2009. That’s $30 billion… lost forever!

Not to mention the fact it’s extremely risky… just look at the massive sell-offs of 38%, 40%, and 29% in the past six months alone!

But thankfully, risk-averse investors need not shy away from Bitcoin’s big profit potential.

That's because The Motley Fool’s newest game plan is a savvy backdoor way to position your portfolio to capture the upside of the Bitcoin boom...

This new game plan -- just announced -- is creating a way to bring Bitcoin into the mainstream financial world.

So even if Bitcoin soars another 1,000%... drops 50%... or sits flat for the next year, this game plan could position you to profit so long as people are trading the digital currency.

This is an amazing opportunity! Just the other day, $9 billion worth of Bitcoin exchanged hands... That's twice as much trading as happened in the world's largest stock -- Apple!

But here’s why we’re so excited… as more and more Bitcoin exchanges open, we believe the volume of Bitcoin trading could soar even higher.

That’s why we at The Motley Fool decided to create a guide to help investors position themselves to potentially profit from this boom!

But please note: with the prices of Bitcoin changing at such a rapid pace and huge buy and sell cycles, you could already be missing out.

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It’s very telling that we couldn’t wait any longer to release these recommendations with potential upsides this MASSIVE.

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