‘We don’t just do this for the money’: despite falling prices, crypto fans are still there

They bought crypto several years ago or recently, but since then they have all been affected by the drop in market prices. Even though some have lost significant sums, they continue to believe in cryptocurrencies.

Hervé bought his first cryptos in 2017, because he believed “a bit in the operation of Ethereum, the second most popular cryptocurrency behind bitcoin. ” At the time, Ethereum was worth 120 euros “, he says. When almost a year later, ETH rose to 1,200 euros, it was the jackpot. He sold part of it in the process, when Ethereum was around 800 dollars per unit, and pocketed a nice sum in the process, which he chose to reinvest.

Except that this time, the market did not completely play in its favor: after having increased very strongly, the price of ETH started to fall again, and fell by more than half. ” But despite that, I’m not selling », Hervé explains today. His decision might be surprising, but he believes in it. “ The Ethreum blockchain will go live proof of stakewhich will consume less energy. I hope the price stabilizes.”

While bitcoin has been falling for 6 months, like Hervé, many of them do not see the sudden drop in the price of crypto-currencies in a completely negative way. The “ long-termists “, as some call themselves, do not want to see the fall of crypto-currencies as a fatality, and believe in an upcoming rebound in prices. More than anything, they believe in the crypto project, and they are not there ” only for the money “.

The fall in cryptocurrency prices has not discouraged all owners // Source: Canva

“There cannot be a complete collapse”

This is particularly the case of Paul, who has invested in Ethereum mining equipment, and who owns a few bitcoin units. He is not particularly motivated by money: he claims to be there ” to support the system, for experience and fun, among other things “. Above all, he adheres to the crypto-currency project, and if he mines, it is in the first place to participate in the project. Even if his bitcoins have lost value, in the end, the fall in prices does not worry him too much.

With the number of big institutions that have invested in bitcoin, funds like BlackRock, banks like JP Morgan, companies like Tesla, states like El Salvador, there really can’t be a complete collapse anymore. “, he relativizes. ” The only main concern with bitcoin is that many people still see it as speculative value, and since it’s not backed by tangible capital, it tends to yo-yo. “, he admits, however.

This lack of tangible capital is a criticism often addressed to bitcoin: its value is not based on a company, unlike traditional stock markets. It’s partly because they’re not tied to a company’s productions or assets that crypto values ​​can fluctuate so much — and Christine Lagarde, the president of the European Central Bank, believes that “ cryptocurrencies are worthless “.

But these fluctuations do not discourage crypto followers. Another person interviewed by Numerama explained ” hate speculation », and would have « preferred that crypto could become a real currency can be used to buy goods and as a cash reserve. Even Max, who at first was ” really more interested in the financial side of things has since changed his mind.

Today, I am much more measured, and I seek to have a reserve of money outside of a centralized system, in case.” Although he acknowledges that it’s always a little annoying when you see that you lose hundreds of euros in a few weeks “, he does not regret. ” Today I buy crypto to have less money in the bank. »

Some people continue to invest in bitcoin // Source: Canva

What future for crypto-currencies?

In any case, they are convinced of it: it is not the crash of the Terra ecosystem that will sign the death of crypto. ” In my opinion, cryptos have a bright future, and prices will generally increase over the long term says Max, who bought Ethereum and bitcoin. ” In a context like today, where a lot of money has been printed, where there is a war going on and where times are uncertain, it is interesting to have value outside of a centralized system “, he notes.

More cynically, he even believes that the sudden drop in prices will make it possible to ” purify the market ” of the ” short-termists “. “ They’re only here to make a quick buck, and if the market has a downtrend, they will want to run off to lose as little as possible. Which drives down valuations and keeps people motivated either by long-term profit or ideology “says Max.

Ethereum is the second cryptocurrency in terms of valuation // Source: Canva

Same story on Paul’s side: ” The fall in prices is above all a welcome overhaul for all those who think that cryptocurrencies are a way to make money easily. It’s wrong ! Not All Cryptos Are Created Equal, And It Will Bring A Healthy Distance in the market, he believes.

Above all, the price of crypto-currencies is increasingly similar to that of the classic stock market. ” A stock like Nvidia’s has lost 46 points for 6 months, and the company was the 8th capitalization in the world at the time”, Paul recalls. The shares of the company specializing in microprocessors, which were sold at more than 329 dollars in November 2021, have since fallen, and are trading around 180 dollars. ” So if there is no need to be alerted for the stock market, it is the same for cryptos “.

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