these French faced the collapse of cryptos

How did the French experience the cryptocurrency storm last week? BFM Crypto has collected several testimonials from these individual investors who have fallen into the cryptocurrency bath.

According to a recent study by the Association for the Development of Digital Assets (ADAM), 8% of French people hold cryptocurrencies and 30% intend to invest in these assets by 2022.

Last week, those already betting on cryptos experienced the collapse of these assets live, starting with bitcoin briefly dropping to the 30,000 dollar mark, which dragged down all cryptocurrencies in its collapse, including luna as as BFM Crypto explained to you here.

Within days, the Luna cryptocurrency had lost up to 99.97% of its value, ending at $ 0.00005. The price rose slightly, to 0.00017 dollars. The fact remains that for a month, this cryptocurrency that was in the top 20 cryptocurrencies in terms of capitalization, with the equivalent of 40 billion dollars in circulation, now weighs only about a billion dollars. , many people don’t expect it and aren’t ready for it.

“Disappointed but not defeated”

Charles, a 35 -year -old disability care worker, lost 50% of his Cosmos blockchain tokens following the collapse of the luna cryptocurrency.

“I’m at $ 11,000 and I’m at $ 4,000 now. But I still believe: the former founder of Cosmos, Jae Kwon, is on a smart contract project, which will make it possible to make a transaction that can be reversed. Am I trusting something that is unreasonable? In any case, I believe in it “, confessed the latter.

Last July, he and his partner, who live in the Haute-Garonne region, sold their motorhome for 29,500 euros to save money on building their house. They put 40% of the value in shares, and 60%, or 17,170 euros, into cryptocurrencies, specifically bitcoin, ether, and the atom cryptocurrency of the Cosmos ecosystem.

Now, after the cryptocurrency storm, the latter is feeling frustrated, but not sad. “You always have to invest money that you’re ready to lose,” says Charles, who earns 2,700 euros per month with his partner.

“I’m not down. I was disappointed but I see the future there, I hope. I went back in July 2021, I saw the rise of cryptocurrencies but since I didn’t sell anything I was a big loser. Especially since I’m not very smart ”, he admitted.

Within a few days, Charles lost 7000 euros. And since it came on the market, its losses were approximately 8000 euros (counting the collapse of the last days).

“I just want to sell cryptocurrencies to finish building the house in early July, but the market is very low there. At the moment I don’t want to touch my cryptocurrencies, so I sold my scooter for 2700 euros to pay for part of the work. Even with the sale of the scooter, it won’t be enough, I have to take about 3000 euros from my Kepler wallet at the beginning of July to finish paying for the work at home ”, he regrets.

Certainly he continues to believe in it: he even put the equivalent of 500 euros in bitcoins in two digital wallets (wallets) for his two children aged two and two and a half months. “We’ll see what happens by then,” he slipped.

“I learned a lot about risk management”

For his part, Etienne, a young man aged 34 and working in the sport, considered himself happy to have sold some of his cryptocurrencies to Luna, before his dive. He held 225 luna and sold it a month ago when the cryptocurrency was worth $ 100, earning $ 12,500 at the time.

Now, the 100 luna left in his wallet is worthless: while his wallet showed 10,000 dollars a month ago, he saw it melt to 0.017 dollars today.

“I lost money to luna, where I also made good profits. It would have been even more detrimental for me if it had happened a month before. Most of all, I learned a lot about risk management”, the latter admitted. “I am and will be a bit more cautious with this event, that’s for sure. I lost money, but most of all I learned,” he added.

Following this episode, the latter decided to refocus his investments on bitcoin and ether, cryptocurrencies that “better fight the crisis” according to him.

Since he came to the cryptocurrency market in 2018, Etienne has earned 20,000 euros in bitcoin, 70,000 euros in ether or even 60,000 euros using chiliz cryptocurrency. Some users also took advantage of bitcoin’s fall below the $ 30,000 mark to enter the market, seeing an opportunity to enter a market in a more peaceful way.

If Etienne believes he saved the furniture in the luna episode, the others are less fortunate. Users who have invested tens of thousands of euros, or more, in this cryptocurrency, now find themselves in situations of anxiety and panic, as evidenced by numerous messages on the Reddit platform.

“I saw my wallet split”

For his part, Nicolas, who manages communications, came to the cryptocurrency market in October 2021 by putting 100 euros at the start, out of curiosity.

“I told myself I was going to invest money I was willing to lose. I put another 100 euros to get to 200 euros, then gradually, I got to 250 euros, I made a capital gain of a few euros. But last week, with the crypto crash, my portfolio split, “the latter admits. Their participation in cryptocurrencies, I prefer to stay wary of values. Last week, I actually saw that decrease. half my portfolio, but I continue to have confidence in this market. ”, he added.

Faced with the collapse of the Luna cryptocurrency, the latter admitted that he prefers betting on more popular cryptocurrencies, such as bitcoin and ether, although he is also tempted by cryptocurrencies that were initially completely unknown.

“I usually observe their course for a month, six months or a year. I tell myself that there can always be potential benefit at one point or another. It’s a bit like a casino. I’m aware that the fly can fly my wallet “, admits the latter. What surprised him, above all, was the sensitivity of cryptocurrencies to current events.” I was surprised when the cryptocurrency market responded to the news of the war in Ukraine. Also, the it was simply for Elon Musk to tweet about a cryptocurrency for my investment of 10 euros to be multiplied by 1000.

But faced with this unprecedented crisis, the most convinced do not see their motivations in question. This is particularly the case of this investor who was taken as his pseudonym hard diskto the head of a video production company.

“This is the sign of a living ecosystem being built, where some players are burning and others are succeeding. We don’t see anything different in the Internet bubble in the 2000s. There are so many blockchains in infrastructure today: some will die, that’s all. Since my main position is to believe mainly in bitcoin and use the rest for pleasure and to try new economic concepts, I have no worries ”he moderates.

At BFM Crypto, he claims to return his most risky positions in today’s traditional bitcoin, while playing on future contracts to anticipate future market movements. With the aim of re-injecting its revenues into cryptocurrencies.

Raphael Grably and Pauline Armandet

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