Young investor opens up about Cardano losses

The New York Post has interviewed several young investors who had put down significant sums in crypto only to see it all gone in the matter of days.

Over the past few weeks, young investors have been paying the price for over-zealous investment in the cryptocurrency sector.

One such individual was Steve Jensen, who had hoped to own his own home by the time he was 30 but invested $25,000 in the crypto market back in 2021.

He put nearly half of his savings into Cardano, a currency that was nearing $2 per coin value. The currency soon after went up to $3 and Jensen thought he would wait a bit longer before cashing out, but then the drop happened and the currency crashed, losing $2 trillion in value.

Some investors lost everything, but Jensen did retain something. His investment has depreciated to just $3,000, from of $15,000 he originally invested in Cardano.

Jensen admitted that his investment in Cardano had led to more credit card debt and did not result in any profits. He has taken it well, as he acknowledged that even back then, it was a risk that many saw as unjustified. He also joked that if he had invested in Luna, he would probably be dead now.

Luna was the token that lost 99% of its value which proved to be a problem for the entire market, because Luna is supposed to be a stablecoin.

Stablecoins are not supposed to go down, as they are tied directly to the value of the US dollar (or another fiat currency). In the case of Luna this wasn’t the case.

To avoid taking risks on fluctuating cryptocurrencies, we recommend sticking to Bitcoin and Ethereum and at trusted websites such as Bitcasino, 1xBit or Fortune.

Source

Updated: 05/24/2022 — 11:00