The Phrase "You Only Lose When You Sell" Led Many Astray
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In Australia, the narrative of never selling, even as the market plummeted, led countless individuals to watch in despair as their investments dwindled. Many held on, hoping for a rebound, as their portfolios shrunk drastically, some from as much as a million dollars to nearly nothing. Others continued to buy more during the downturn, only to find themselves deeper in loss.
The Australian media, abuzz with enthusiasm for cryptocurrencies, portrayed them as the future of finance. Bitcoin, in particular, was exalted as a revolutionary asset. This narrative, amplified by celebrities and TV programs, painted a picture of cryptocurrencies as not just investments but the cornerstone of a new financial era.
Motivated by such widespread hype, people from all walks of life, including retirees and average workers, poured their savings and even took loans to invest in the crypto market. The influx of funds inflated the market significantly.
However, this boom was abruptly halted when major investors, often referred to as whales, withdrew a substantial portion of the market's value. This caused a massive crash, wiping out $400 billion in a single day, leaving many investors with portfolios worth a fraction of their peak values.
This scenario serves as a cautionary tale about the volatility of the crypto market and the influence of media hype.