Optimists in the midst of crypto winter

 As the price of cryptocurrencies has dropped dozens of times this year, there is growing division between investors looking to make money and those who believe in its mission.

rew Larsen, 51, from Colorado, said he has spent 10% of his savings over the past two years buying cryptocurrencies including Bitcoin, Ethereum and Solana. He believes this is the "smart way" for his portfolio, alongside the rest of real estate, stocks and bonds. “I think cryptocurrencies have the potential to save the world,” said Larsen, who founded and runs a software company.

Now the total amount of money he invested in cryptocurrencies has dropped by 40% in value.

Drew Larsen. Photo: WSJ
Drew Larsen. Photo: WSJ

Even though the market is entering winter, people like Larsen still believe in the prospects of cryptocurrencies, and believe that blockchain technology will change areas such as medicine or real estate.

Some bet on cryptocurrencies and accept to lose their investment. Maria Saavedra, 31, a software testing engineer who now lives in California, said she considers most cryptocurrencies to be assets that are inflated to value and that they are also illegal. But in March when the market went down, she changed her mind and spent $8,000 to buy the two largest tokens today by market capitalization, Bitcoin and Ethereum. “This is the best time to buy cryptocurrencies on the cheap,” she said.

Similarly, Zachary Bertucci, 25, who works in real estate in Chicago, says 10% of his portfolio is devoted to Ethereum and lesser-known cryptocurrencies like Chainlink and Polygon. He started buying cryptocurrencies in September last year and has kept them ever since. Bertucci's investment has now lost 50% of its value, but he said he will continue to buy more instead of selling. "I accept the money disappears, or triples, then I will sell," Bertucci shared.

However, not all crypto believers are optimistic amid the bear market. Jack Wang, 32 years old, once spent $ 250,000 to change to TerraUSD (UST). When UST lost most of its value in May, his money also evaporated. He went to Reddit to share stories with investors - who even contemplated suicide because of losing all their assets. In early July, he booked a plane ticket to Carolina to rest and forget the incident, as well as decide not to touch this unstable currency anymore.

Tyler Lahti, 31, an accountant in Georgia, has been involved in the crypto space since 2014. Earlier this year, he still bought $5,000 in Bitcoin and Ethereum. But after consecutive crashes in recent times, Lahti is depressed and no longer plans to buy more. Even so, Lahti still believes that blockchain technology will develop. "If it works, it benefits the world and I can make money from it," he said.

As for Larsen, he currently attends many crypto lectures. He said that digital money is not for ordinary investors because of its sensitive nature, but can see Bitcoin as a long-term savings method, an asset that can be saved and can be handed over to children after death. life. “I came into crypto for the money, but stayed for the philosophy,” Larsen said.
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