Crypto Investor Sold His House for HEX At the Height of the Bull Market to Bet on Token That Lost 99

A cryptocurrency investor has seemingly made an audacious gamble at the height of the 2021 cryptocurrency market bull run, selling his house and pouring the proceeds into the cryptocurrency $HEX, according to an unreleased documentary.

In the trailer of “The Highest Stakes,” a documentary that piqued the curiosity of cryptocurrency enthusiasts, there’s a tantalizing preview of the high-stakes drama that the documentary promises.

The trailer provides a glimpse into a contentious dialogue between a husband and wife discussing what seems to be the sale of their home. The wife’s skepticism is palpable as she likens the investment in HEX to playing with Monopoly money. The man, however, is shown stating, “I put it all in, all of our house money.”

The man’s claim suggests that he made a significant investment in HEX, ostensibly converting their home equity into roughly 240,000 units of the cryptocurrency. At the time of the trailer’s release, HEX was valued at $0.43 per unit, translating into an investment worth over $1 million, however as HEX’s price is down over 79% in the past year and 99% from its peak, the investment would now translate into around $2,100, representing a 99.7% loss.

Introduced by Richard Heart in 2019, HEX is a blockchain-based digital currency, marketed as the first blockchain certificate of deposit and operates on the Ethereum platform.

According to HEX’s official website, the cryptocurrency proposed a premium rate of interest to investors who choose to lock their tokens for a fixed duration, in a way reminiscent of traditional fixed deposits.

The cryptocurrency was often criticized by the cryptocurrency community as a scam and a Ponzi scheme.

The cryptocurrency is collapsing even at a time in which major financial powerhouses that collectively manage an astounding $27 trillion in assets are making inroads into the world of Bitcoin and cryptocurrency after a race to list the first spot Bitcoin exchange-traded fund (ETF) in the United States kicked off.

Featured image via Pixabay.