Many crypto enthusiasts turned to social media on Friday to express their disappointment with the state of the crypto market. It is alleged that a Reddit user named imyourkingg invested 30% of his net worth in bitcoin (BTC) a few months ago, saying:
“I don’t need that money for the next 5 to 10 years, but I have to admit that sometimes I’m afraid of the future of bitcoin; I mean, it collapses or never reaches $ 100k, $ 200k, as the 2025+ estimates say, or at least $ 55,000 again, haha, and I lose that money, especially when all my friends, my mother and my family call me Crazy that I invested in them. “
The decentralized nature of Crypto means that there are no switches equivalent to those that exist on traditional stock exchanges. The resulting bull / bear cycles can be extreme and difficult to summon for the uninitiated. Another Reddit user took to the podium with a post titled “$ 60k” and panicked:
Okay, so I was very new to crypto and was the victim of a Thanksgiving dinner, but I need help if I sell or keep. Guys, I will HODL [Hold on for Dear Life], but I can’t afford to buy much more rn.
The price of bitcoin started disappointingly in 2022, with the digital currency falling 11.4% in the last 24 hours and 44.7% from its all-time high of approximately $ 68,000 in November 2021. Early investors in BTCs may already have a relative condition that makes them better able to withstand these falls. However, the same cannot be said for investors who have only recently entered the game. According to a Huobi Group report, 70% of current cryptocurrency holders in the United States have begun investing in cryptocurrency in 2021.
Why not just go to zero directly … I’m tired of buying a new dip # BitcoinCrash #cryptocrash pic.twitter.com/pdJ6LlA4Mr
– Gurudas (@GurudasShinde) January 21, 2022