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Millennials and cryptocurrencies: A story of missed profits, hard lessons and losses

Many investors failed to take profits when cryptocurrencies rallied steeply. Others were taken off guard after RBI's action. In between, a few smart millennials made money as well.

June 24, 2021 / 09:32 IST
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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?

Naimish Sanghvi

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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.