The alleged gold shop thief allegedly admitted to the police that he stole gold ornaments from the store valued at about 1.8 million Thai Baht ($50,000) to make up for his significant losses in cryptocurrency investments.
Burglary connected to the bear market
After robbing a gold store on June 19, a 34-year-old Thai national named Montri was apprehended in Bangkok at 11 a.m. He was in possession of gold necklaces valued more than $50,000 and weighing around 31.6 ounces, according to PBS World.
This Thai man had plainly disregarded the fundamental guideline of any investment, whether it be in cryptocurrencies or something else: only invest money you can afford to lose.
In fact, Montri, who was charged with armed robbery, acknowledged to conducting the crime and explained how he parked his motorcycle in front of the business, went inside with a revolver, and made off with the bike before hiding it and going home.
The article claims that the suspect admitted to robbing the gold store because he was under a lot of stress and desperately needed money after incurring significant losses on his bitcoin investments recently. when the markets crashed.
As always, it’s critical to keep in mind that holding onto bitcoin is not a loss and that it was never intended to be a substitute for fiat money. As a result, the investor did not lose any bitcoins and instead calculated the equal value in cash.
