The Crypto Crash: How Young And Old Investors Navigate Difficult Times

2022-05-16 | Selina Mathew

The Crypto Crash: How Young And Old Investors Navigate Difficult Times

Despite the lack of laws in India, many people have chosen to invest in cryptocurrency in the hopes of earning larger returns than any other asset class.

Maanvir Singh, a 21-year-old student, made his first cryptocurrency purchase in June of last year after receiving suggestions from friends and conducting his own research via YouTube videos.

Despite his parents' objections, Singh persuaded them to grant him Rs 2.5 lakh, which he has invested in the last year.

"They were displeased with my decision to invest in cryptocurrency. They attempted to dissuade it since they thought it was all a hoax. Nonetheless, I want to invest, "he stated.

His investments have dropped by about 3/4th to Rs 56,000 today. Luna was one of his investments, and it took the worst hit, falling by 100%; the coin's worth is now virtually nil. For the uninitiated, the Terra environment includes the Luna and Terra currency. The Luna supply pool adds and subtracts from Terra's supply to keep the price stable.

Users may burn Luna to mint Terra and even Terra to mint Luna using an algorithmic mechanism, which helps to keep the cost stable. However, owing to algorithmic flaws, consumers holding Luna have incurred massive losses, leading to the coin's downfall.

Singh, on the other hand, is optimistic about future crypto investments.

"This crash is only a month or two away. It'll be over soon. I plan to increase my cryptocurrency investments, "he remarked.

Nikhar Kwatra, 21, on the other hand, is depressed as a result of the accident. Her investments, which were valued Rs 32,000, are now worth Rs 11,000 each.

"In August of last year, I put my savings into many coins. Since then, I have not seen any benefits; I am losing faith in this "she remarked.

Many people, like Singh and Kwatra, have invested in cryptocurrency, which has attracted thousands of millennials and Generation Z investors in the last year. By the end of 2021, Indian exchanges like WazirX and CoinDCX have registered millions of users for the first time.

 

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