Blockchain

Redditors share their thoughts on buying Bitcoin at an all-time high

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On Friday, many crypto enthusiasts took to social media to express their dissatisfaction with the state of the crypto market.Allegedly a Reddit user named imyourkingg invest 30% of his net worth is invested in Bitcoin (bitcoin) a few months ago, he said:

“I don’t need this money for the next 5 to 10 years, but I have to admit that sometimes I’m very scared of the future of bitcoin; I mean it’s going to crash or never get to $100,000, $200,000, just like the 2025+ forecasts say or at least another $55,000 lol and I lost that money especially when all my friends and my mom and family are calling me crazy about investing.”

The decentralized nature of cryptocurrencies means that there are no circuit breakers equivalent to those that exist on traditional stock exchanges. The resulting bull/bear cycle can be extreme and difficult for the layperson to get used to.Another Reddit user posted a podium title “$60k and panicked:

Ok, so I’m very new to cryptocurrencies and a victim of Thanksgiving dinner, but I need help if I sell or hold. Guys I will HODL [Hold on for Dear Life], but I can’t afford more rn.

Bitcoin’s price is off to a disappointing start to 2022, with the digital currency down 11.4% in the past 24 hours and 44.7% from its November 2021 all-time high of around $68,000. Early BTC investors may have been sitting on relative wealth, making them more capable of weathering these downfalls. However, that’s not the case for investors who have only recently gotten into the game. According to Huobi Group, 70% of current cryptocurrency holders in the U.S. Start investing in cryptocurrencies in 2021.