Bitcoin has tanked heavily and lost more than 50 percent of its value over the course of just six months, but this is not deterring one millennial investor simply known as “Michelle.”
Michelle Isn’t Concerned
Refusing to give her full name during an interview, Michelle talked about why she’s not worried about the recent implications of the crypto space and why she’s continuing to hold onto her assets despite the endless string of price bruises the public is witnessing as of late.
Michelle says she currently has no other investments – no real estate, nothing in the stock market, etc. Crypto is the only asset space she’s familiar with, and she doesn’t want to let go of it for anything. She commented:
This is the only investment that I have studied and am quite familiar with. I think that you should understand what goes on behind the investment that you are making. Also, I like the fact that I can buy as little or as much bitcoin as I want.
Right now, Michelle – who owns an edtech business – has bought about $500 in ether and $2,400 in bitcoin. She is not looking to sell anytime soon and will likely continue to purchase, though she says that if things get any worse – say, for example, bitcoin drops to about $25,000 per unit – she will step away from the crypto space for a while.
Discussing what attracted her to crypto, she said:
In the few months leading up to me first buying bitcoin, whenever somebody mentioned cryptocurrency, web3, bitcoin or metaverse, I would dismiss it, thinking ‘I don’t understand these things,’ ‘it’s just a fad, it will pass,’ or, ‘it’s too complicated.’ The turning point for me came when I suddenly realized that my mentality was like my parents’ generation or earlier, when the internet age started to grow. We see some people getting left behind because they just didn’t want to learn about new technologies or thought they were irrelevant. I didn’t want to be that person that got left behind.
She started investing in crypto at the beginning of 2022. At that time, bitcoin had fallen from about $68,000 per unit to just over $42,000. She said that if bitcoin could reach such a high price in a relatively short period, it could do so again, and she began placing her money into crypto whenever she could.
You Play by Your Own Rules
I read up to see if it was worth buying some bitcoin. I learnt that you don’t need to buy a whole bitcoin, and you can buy as little or as much as you want, so I just threw in a few hundred dollars out of curiosity. Having a little skin in the game prompted me to do even more research to understand how it works.