“We’re not just doing this for the money”: Despite the price drop, crypto enthusiasts are still there

They bought cryptocurrencies a few years ago or recently, but since then they have all been affected by the drop in market prices. Although some have lost significant sums, they still believe in cryptocurrencies.

Hervé bought his first cryptocurrency in 2017, because he believed in it “A little in the process From Ethereum, the second most popular cryptocurrency after Bitcoin. ” At the time, the value of Ethereum was €120 Roughly a year later, he says, his ETH rose to €1,200, which was the big prize. He sold a portion of it in the process, when the price of Ethereum was around $800 per unit, and got a decent amount in the process, which he chose to reinvest. .

Except that this time, the market didn’t quite play in his favour: after a huge rally, the price of ETH started falling again, dropping by more than half. ” But even so, I don’t sell Today, Hervé explains. His decision may be surprising, but he believes in it. “ The Ethereum blockchain will start working proof of stakewhich will consume less energy. Hope the price settles down. ”

While Bitcoin has been dropping for 6 months, like Hervé, not many see the sudden drop in cryptocurrency prices in a completely negative way. The “ long-term “As some call themselves, they do not want to see the fall of cryptocurrency as a death, and they believe in the upcoming recovery in prices. More than anything else, they believe in the crypto project and They are not there” just for the money “.

Cryptocurrency price drop hasn’t discouraged all owners // Source: Canva

There can be no complete breakdown.

This is particularly the case with Paul, who has invested in Ethereum mining equipment, and who owns quite a few bitcoins. He was not particularly motivated by money: he pretends to be ” To support the system, to experience and have fun, among other things Above all, he is committed to the cryptocurrency project, and if he mins, he is in the first place to participate in the project. Even if his bitcoins lose their value, in the end, the price drop does not worry him too much.

With the number of large institutions that have invested in bitcoin, funds like BlackRock, banks like JP Morgan, companies like Tesla, and states like El Salvador, there can be no complete meltdown anymore. “Attributed.” Bitcoin’s one major concern is that many people still see it as a speculative value, and since it’s not backed by tangible capital, it tends to yo-yo. ‘, though.

this deficiency tangible capital It is cash often directed at bitcoin: its value is not based on a company, unlike traditional stock markets. This is partly because they are not related to a company’s production or assets in which crypto values ​​can fluctuate a lot – and Christine Lagarde, president of the European Central Bank, believes that “ Cryptocurrency is worthless “.

But these fluctuations do not discourage crypto-followers. Another person interviewed by Numirama explained, Hate speculation “, And the” Prefer crypto to become real currency It can be used to purchase goods and as a cash reserve. Even Max, who was in the beginning” Really more interested in the financial side of things He has since changed his mind.

Today, I am much more calculated, and seek to have a reserve of money outside the central system, just in case. Even though he admits it It is always a little annoying when you see that you lose hundreds of Euros in a few weeks “No regrets.” Today I buy cryptocurrency to get less money in the bank. »

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Some people keep investing in bitcoin // Source: Canva

What future for cryptocurrency?

In any case, they are convinced: it will not be the collapse of the Terra ecosystem that will cause the death of the cryptocurrency. ” In my opinion, cryptocurrency It has a bright future, and prices will generally rise in the long run says Max, who bought Ethereum and bitcoin. ” In a context like today, where a lot of money has been printed, where war is going on and where times are uncertain, it is interesting to have value outside of a centralized system. “, notice.

Most ironically, he thinks that a sudden drop in prices will make it possible.” market purification “Affiliate” short term “.” They’re just here to make a quick buck, and if The market has a downtrend, they will want to run until they lose as little as possible. Which lowers ratings and keeps people motivated either through long-term profit or ideology Max says.

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Ethereum is the second most rated cryptocurrency // Source: Canva

Same story by Paul: ” The drop in prices is above all a welcome fix for all those who believe that cryptocurrencies are a way to make money easily. This is a mistake ! Not all cryptocurrency is created equal, and it will achieve a healthy distance In the market, he thought.

Above all, the price of cryptocurrencies is increasingly similar to that of the classic stock market. ” A stock like Nvidia lost 46 points for 6 months, and the company was the eighth capital in the world at that time “, Paul remembers. And since then, the shares of the microprocessor company, which sold for more than $329 in November 2021, are trading around $180, have declined. ” So if there is no need to alert the stock market, it will be the same for cryptocurrencies “.

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