The dramatic fall of the price of one Bitcoin by 50 percent between it’s peak on April 15 and June 21 may have shaken the crypto markets, but Naimish Sanghvi, 32, is not unnerved. He is a cryptocurrency enthusiast and founder of Coin Crunch India. He says that cryptocurrency isn’t for the faint-hearted. He claims to be mentally prepared for seeing Bitcoin’s price fall to near-zero levels, though he doesn’t see that as a possibility. How are millennials dealing with this new fad in investing?
Keep greed away
Rupesh Firodiya, 28, comes from a business family that is into real estate broking in Pune. In November 2016, he got drawn to the Bitcoin. After having invested Rs 1 lakh, he borrowed Rs 20 lakh from his parents and invested in Bitcoins and other cryptocurrencies through a company called Gainbitcoin.
Later, he realised that the website was a fraudulent one – it even sold non-existent cryptocurrencies. Firodiya says, “Initially, I didn’t know how the crypto market worked. Stay away from the schemes that claim to give you fixed returns.”