"Really Losing It" vs "Let's Hold On" 2030s in Chaos Amid Coin Plunge

Cryptocurrency Prices Plummet Amid Global Multiple Adversities
2030 Investors with Many Coins in 'Panic'

As cryptocurrencies showed an overall downward trend, including the sharp drop in Bitcoin, sighs and groans continued among the 2030 generation who invested heavily in coins. The photo shows a cryptocurrency market board before the crash.
[Image source=Yonhap News]

[Asia Economy Reporter Han Seung-gon] "I'm really going crazy, all I can do is sigh." , "Let's just hold on, let's go with Jonbeo!"

As the cryptocurrency market crashes, sighs and complaints are pouring out among the 2030 generation who invested heavily in coins. The most common grievance is that they invested a large sum of money suddenly without a long-term investment plan and lost a lot of money overnight.

On the other hand, some express determination to continue investing in cryptocurrencies with the goal of recovering their principal. Due to the coin crash, a restless atmosphere continues among young people.

Like the complaints of the 2030 generation, cryptocurrencies plummeted dramatically the day before (the 20th). According to CoinMarketCap, a cryptocurrency market status relay site, at 6 a.m. (Korean time) that day, Bitcoin recorded $38,552, down 11.03% from the previous day.

After hitting an all-time high of $63,588 in mid-last month, it plunged nearly $30,000 in just one month. On that day, not only Bitcoin but also Ethereum, the second largest by market capitalization, plunged 26.00% to $2,547.

Given this situation, deep sighs come from the 2030 generation. Mr. Lee, a company employee in his 30s who recently said he stopped investing in coins, said, "Honestly, I don't really understand coins," adding, "They say it's like 'money copying,' right? I believed that and invested a considerable amount." He continued, "I haven't lost all the money; I made some profit," but added, "Seeing the coin crash these days, it seems very risky."

[Image source=Yonhap News]

Mr. Kim, a college student in his 20s, said, "I started coins while doing part-time jobs. It's my first time investing, and I found it somewhat fun and understood it as a kind of financial management, so I continue investing." He added, "Although prices have dropped a lot recently, I think I can buy a lot more at times like this and invest with a long-term view."

On the other hand, some expressed the opinion of quitting coin investment altogether. Mr. Park, a company employee in his 30s, complained, "Unlike stocks, coins have no physical assets and no trading hours, so you have to pay attention all day long." He added, "I've heard a lot about people making big money with coins, and I'm envious, but I don't think there's any need to be disappointed."

There is also the view that the principal should be recovered. Mr. Park in his late 30s emphasized, "I gave up on the idea of making a big profit," adding, "I really hope to recover at least the principal."

The problem is the outlook for cryptocurrencies. There is no guarantee that another crash or market shock will not occur. Currently, global institutional investors are known to be withdrawing funds from Bitcoin right after it hit an all-time high and moving them to the traditional asset gold market.

On the 19th (local time), JP Morgan revealed in an investor memo that institutional investors have started withdrawing money from Bitcoin futures and funds and putting it into gold. Inflows into Bitcoin funds turned negative for the first time at the end of last month, right after Bitcoin prices reached a record high of $64,000.

JP Morgan analyzed, "Bitcoin fund flows continue to deteriorate, and institutions are steadily reducing their positions," adding, "Especially last month, the Bitcoin futures market recorded the largest decline since the uptrend began in October last year."

They further stated, "It is surprising that funds withdrawn from Bitcoin funds are flowing into traditional asset gold-related exchange-traded funds (ETFs)," and predicted, "A similar pattern may be observed in Bitcoin futures investments."

There is even a view that cryptocurrencies might disappear altogether. There are concerns that the 17th-century Dutch tulip mania could be repeated. Nobel laureate economist Paul Krugman wrote on his Twitter on the 19th, "I give up on the Bitcoin doomsday theory," adding, "It seems new believers always emerge," and criticized, "Bitcoin can be compared to a cult that can survive forever."

This content was produced with the assistance of AI translation services.