Many crypto enthusiasts took to social media on Friday to express their frustration with the state of the crypto market. A Reddit user named imyourkingg reportedly invested 30% of his assets in () a few months ago, saying:
“I don’t need this money for the next 5-10 years, but I have to admit that sometimes I’m so scared of the future of Bitcoin, I mean it crashes or never hits $100k, $200k like the predictions say for 2025+ or at least $55k again lol, and I lose that money, especially when all my friends, mom and family call me crazy for investing in it.”
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The decentralized nature of cryptocurrencies means that there are no switches equivalent to those that exist on traditional exchanges. The resulting bullish/bearish cycles can be extreme, and difficult for the uninitiated to get used to. Another Reddit user took to the podium with a post titled “$60k and Panic:
“Ok im very new to crypto and victim of thanksgiving dinner but need help should i sell or hold? guys im going to HODL [Hold on for Dear Life], but I can’t afford to buy much more.”
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Bitcoin price is off to a disappointing start to 2022, with the digital currency falling 11.4% in the past 24 hours, and 44.7% from its all-time high of roughly $68,000 in November 2021. Early BTC investors may be already sitting on relative fortunes, which makes them better able to weather these downturns. However, the same cannot be said for investors just getting into the game. According to a report by Huobi Group, 70% of current cryptocurrency holders in the United States started investing in 2021.
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