Local Man Puts Down Mortgage Payment In Bitcoin, Value immediately Plummets 99%

Springfield, USA (January 8, 2021): A local man is devastated today after the value of his Bitcoin investment plummeted 99% immediately following him using it to make a mortgage payment. John Doe had been an early adopter of Bitcoin and had hoped to use the crypto to pay off his mortgage years early. However, after telling his mortgage lender he would be making the $1.5 million payment in Bitcoin, the value of his holdings crashed from $1.5 million to just $15,000 in minute amounts due to a loss of confidence in the asset from the broader market.

Doe's story has served as a warning to others hoping to use volatile cryptocurrencies for large, real-world financial obligations. "I lost almost everything due to the irrational exuberance of early crypto adopters and the fear-mongering of mainstream financial outlets," Doe told reporters. "Bitcoin is far too risky and speculative to use as a legitimate form of payment."

Metrics show that whenever a large institution proposes accepting Bitcoin as payment, or an individual attempts to spend a sizable amount of their holdings, the market tends to panic-sell, triggering crashes. Regulators have called on organizations not to promote the use of cryptocurrencies for essential financial services like mortgages, insurance, tuition, and more until the assets stabilize.

The future of Doe's mortgage is now uncertain, as he has lost over 99% of the funds that were meant to pay it off. His lender is threatening foreclosure if an alternative payment cannot be made quickly. Doe says he has been left with tens of thousands in debt and without a home due to theSame volatility that initially attracted him to Bitcoin in the first place. His story serves as a lesson for others on the dangerous gamble of treating cryptocurrency as a stable store of value. The moral of this tale: only risk money in crypto that you can afford to lose.