Why Some Crypto Investors Are Holding On Amid Steep Declines
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Here's your money briefing for Friday, August 12th. I'm JR Whelan for The Wall Street Journal. Cryptocurrency is one of the riskiest investments you can bet on. Ask anyone who's seen that slice of their portfolio tumble this year. In the face of so much risk, many people trying to build and maintain a nest egg end up hitting the sell button. But for many others, it's a reason to keep buying.
Many people are actually bullish on the sector and it's affected their strategy in different ways. There's definitely a growing divide between investors who are looking to make money off of crypto and those who actually believe in its mission.
That's Wall Street Journal reporter Pia Singh. We'll talk with her about what's behind that split and hear from one investor who's still in the crypto game after the break.
This podcast is brought to you by ReliaQuest. Cyber criminals are constantly attacking. They want your data. They want your identity. They want your innovation. ReliaQuest fortifies your business with agentic defense, AI that detects, contains, and eliminates cyber threats in minutes. It helps your security team move faster at the work that matters most to protect the business now and delivers insights to help them predict what's next. ReliaQuest, agentic defense for the enterprise. Learn more at ReliaQuest.com. That's R-E-L-I-A-Q-U-E-S-T.com.
What is the episode about and who hosts this Money Briefing?
The steep decline in cryptocurrency values this year has led many investors to take their losses and watch from the sidelines. But others are not only staying in the game, they're adding to their crypto portfolios. In a moment, we'll hear from WSJ reporter Pia Singh about this divide over crypto strategies. But first, let's hear from someone who's held on through the crypto route. 25-year-old Chicago resident Zachary Bertucci is a real estate investment analyst who's built up a crypto portfolio over the past several years. Hey Zachary, thanks for being with us. Thank you so much for having me. So Zach, when did you start buying crypto and what crypto do you own?
I started buying crypto back in September of 2021. I started with Ethereum.
Why are some crypto investors selling after steep declines?
I bought one token and then I ended up buying Chainlink starting in December of 2021. Also buying in March. Chainlink is interesting because it helps basically bring outside information that is off the blockchain onto the blockchain. It actually runs on the Ethereum network. And I also bought Polygon in April of 2022. It is like a highway for the blockchain. And then I also bought a little bit more Chainlink back in late June of 2022.
So how has the value of crypto in your portfolio changed since then?
Oh, that's a fun one. That was a fun ride. So I bought Ethereum at 3000 back in September of 2021. And then I ended up buying actually again and the late July at probably about 1500 for another token. And then with Chainlink, I've constantly bought kind of throughout from December all the way up until late June. So my crypto portfolio right now is down, I'd say, probably 20% to 30%. But it was down all the way in the beginning of June all the way up to 70%. I bought Polygon back at $1.60 a token. And it went all the way down to 40 cents a token. And that was frustrating, a little scary. But, you know, I understood I'd be okay, especially if I believed in the product.
Now, has that decline caused you to change your investment strategy?
It really hasn't changed my investment strategy. You know, I'm a long-term holder because I believe in the product. And plus, being 25 years old, I have time on my side.
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