As crypto declines, young investors resist the urge to press the panic button

As crypto declines, young investors resist the urge to press the panic button

As crypto declines, young investors resist the urge to press the panic button

Earlier this month, 19-year-old Sumit Diwan (name has been changed) took Rs 2,000 from his elder sister to “stack” an initial investment in various virtual currencies. He had earned Rs 100 in two hours. In the five months since Diwan invested in cryptocurrency, he has made a good return of 12.5 per cent on his investment. The money usually comes from his monthly allowance.

The Ghaziabad-based Diwan is trying to sell its investment, with news that the government is trying to ban private cryptocurrencies in the country through a bill in the upcoming winter session of Parliament. “The bill hasn’t come out yet and I don’t want to panic unless I know for sure. I know this market is volatile and ready for such a downturn. The market is improving after the bull run, ”says a second-year BCom student.

For some time now, young people have had a strong grip on trading and investing in cryptocurrencies. Many advertisements featuring Bollywood celebrities like Ranveer Singh and Ayushman Khurana have added fuel to the fire of digital currency and expansion.

Earlier this month, Prime Minister Narendra Modi chaired a high-level meeting on ways to manage the cryptocurrency sector. And in the Sydney Dialogue last week, he said the international order should ensure the regulation of cryptocurrencies to avoid any detrimental effects on young people.

Sharan Nair, chief business officer, CoinSwitch Kuber, a crypto exchange that has surpassed 11 million users in 15 months, says, “Most Indian crypto enthusiasts are digital natives, usually first time investors from non-metro cities and under 28 years of age. . ”

While not a very small amount at first, many young people like Diwan are experimenting with investing in a digital portfolio.

“I went down the YouTube Rabbit Hole around May this year, when Bitcoin was trading at around $ 48,000. From my savings, I invested a nominal amount, which I am not afraid of losing, just to check the market temperature, ”says Madhuri Guleria, 23 (name has been changed).

Guleria, who used to invest in Ethereum, Solana and Bitcoin, says she has seen a 75 percent return on her investment in six months.

Chaitanya Tiwari, 19, has been investing in cryptocurrency for the past seven months – his choice is Bitcoin, Bitcoin Cash and Polymatic -. “Bitcoin was my first choice and I went to Ethereum, but it was very difficult. I finally started trading in smaller currencies because I think they offer higher returns. I also go after small returns – buy 126 and sell 130, then buy again at a reduced price, “he says, adding that he has made a profit of Rs 10,000 on an initial investment of Rs 15,000 since he started trading. .

Rhea Seth (name has been changed) began to invest in crypto to understand how wallets and systems work. “I started investing in Shiba Inu and Dogecoin just to see what the Rs 4,000 promotion is and I plan to keep it instead of selling it” – despite the forthcoming bill.

Even 27-year-old Kartik Malik (name has been changed) has decided not to sell anything yet. “The market was a bit nervous as there was no clarity about the difference between private and public cryptocurrencies. As a tech enthusiast, I know that blockchain technology will grow in importance as time goes on, and once the ball is turned, the value of the currency will increase as the technology they use grows, ”he says optimistically.

Malik, in fact, bought another coin with an etherium for Rs 2.75 lakh after a crypto crash on Tuesday night. And today it is trading at Rs 3 lakh in the international market. “Most people sell coins to save money or make a loss. Even if prices fall on Indian exchanges, they will then match international prices, ”he says. “In the coming rains, the market will survive and some currencies will rebound,” he said. I don’t think it’s time to step down. “

With a total investment of up to Rs 10 lakh, Malik has made a profit of almost 30 per cent in five-six months.

However, as the winter session approaches, some young investors are also spending.

Raghav Sareen (name has been changed), who had already suffered a loss of nearly 50 per cent on his investment, decided to sell the rest of his investment. A 23-year-old master student living in New Delhi says: “I have money in my wallet but I have sold my coins.”

Ecosystem

News of the bill has upset some, such as Sareen, who have decided to pull out, while others are watching the developments in the country’s emerging crypto information ecosystem with keen interest.

“With the forthcoming bill, we hope to see clearer rules on crypto assets, industry and the taxation of these assets. We believe that more people can confidently start investing with the regulatory framework for this new asset class,” said Avinash Shekhar, co-CEO, ZebPay, Crypto. The exchange said.

For many, the research continues online. By the way, for these young investors, articles on CoinDesk, Twitter space hosted by crypto experts, Telegram and YouTube channels and conversations with their peers keep up the momentum.

Dheeraj Shah, who runs podcasts on crypto and Web 3, says, “I think it’s more organic for this generation of people because they have grown up with the internet and meme culture. “I think they have an unjust advantage because they assimilate this culture much faster than the older generation.”

As the world migrates online during epidemics, experimenting with cryptocurrencies has also become an outlet for the boredom that comes with it. Kashif Raza, founder of the crypto education platform Bitting, says that during the epidemic, “despite the small size of the ticket, the number of young people investing has definitely increased.” “This is the generation of bar code scanning. Just as they prefer UPI over cash transactions, crypto is their preferred way of investing. “

Parine Lathia, co-founder of Builders Tribe, added on the platform, which works with crypto startups: “I think regulation is a positive step because it means people have more confidence and clarity. The rule is to invest as much as you can afford and the appetite of the youth is high. They are young and it is a great learning experience. There is no reason to tell young people not to invest.

The same appetite is now being tested.

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