In the beginning, it was all ‘laughter and fun’ with ‘meme coins’ like Shiba Inu or Doge Coin. These tokens are characterized by being amateur projects, with no greater support than that of the virtual communities of small investors on Reddit channels, such as wallstreetbets.
Joseph Harvert, an American friend of Isaac’s who works in a real estate company in California, also decided to invest in Doge Coin, guided by YouTube videos, Twitter ‘analysts’ and Reddit channels. Everything was going well, until the collapse came.
“I invested in Ethereum, Bitcoin and my favorite Doge Coin. My brother and I did it (…) He made a lot of money with Doge Coin. We actually saw on Reddit how they were speculating about Doge Coin, that he was going to go up, and we thought we were going to make more money,” Harvert recounted.
Joseph is grateful for getting out of this type of investment in time, to which he never intends to return. In 2021, he was about to borrow more than $50,000 from the bank to buy a full bitcoin. He didn’t do it and now he breathes a sigh of relief at not having lost money that he had already set aside to make his investments.
Since now I am no longer investing in anything, I have withdrawn my funds. I didn’t like being focused on making money with cryptocurrencies, that was controlling my life, and that’s why I decided not to invest any more money
Joseph Hartert
They see an opportunity to continue investing
Right now, Isaac’s wallet has a negative balance of 8,000 dollars, an approximate of 160,000 Mexican pesos.
Ricardo Cabriada, a geologist by profession, followed in Isaac’s footsteps and right now he is also reporting losses on the investments he made with the remittances his brother sent him.
However, both say they are patient and optimistic, because in this economic and geopolitical context it is “logical” that “people are afraid” and are reaping profits. Furthermore, he argues that the fact that bitcoin and other currencies are already used as means of payment is a sign that they are here to stay.
For them it is just a moment, in the same way that it is a conjuncture for the shares of technology companies, which have also suffered a strong downward correction in recent weeks.
“I will continue to invest more than ever” now, “more than anything, I see it as an opportunity and I will wait for the whole market to recover”, Isaac says looking ahead, denying that the 90% crash of the stablecoin Luna means a Lehman Brothers moment for the crypto world.