Trader puts faith in crypto despite the failed first investment

Trader puts faith in crypto despite the failed first investment

June 29, 2022

From the highs of feeling like a total genius to the lows of downward price movements, crypto investing has taken Dubai-based trader JC Enriquez on a roller coaster ride. 

In an interview with Cointelegraph, Enriquez shared his crypto trading journey, starting from his first encounter with digital assets. According to the trader, it all started when a friend asked him about his plans for the future. After sharing his dreams about the future, the friend told him that if he wanted to make those plans come true, he “better study cryptocurrency, buy some and hold it.”

Hyped by the bull market in 2021, Enriquez finally decided to jump in and start trading. However, his first crypto rodeo was less than fruitful. He told Cointelegraph that he invested thousands of dollars in one project and then it went to zero in just a short period of time. He explained that:

“After a few weeks, I was surprised. Their network got grumpy and then slowly, they stopped doing developments in their project. After that, it permanently closed.”

When asked how he felt, Enriquez shared that the loss was devastating as it was money that he and his partner was saving for emergencies. However, thinking that he will be able to gain it back quickly, Enriquez convinced his partner to let him take the risk. He said that:

“When I bought it first I felt like I was a genius because I believed in the project. And when the project went grumpy and suddenly stopped everything, for me, it was like the end of the world.”

Despite the results of his first try, the trader did not lose hope in blockchain and crypto. “I consider it as an experience so that next time around, I will be more careful, more vigilant in trading,” he said.

Related: Employee quits after red flags at first crypto job, stays in blockchain for the tech

According to Enriquez, he still believes in crypto because of developments in Bitcoin (BTC) adoption like fashion brands and airlines accepting BTC. Apart from that, he has faith on crypto’s inherent features like allowing easier cross-border payments. Despite his initial losses, Enriquez still believes that crypto will bring him more profit in the future. He mentioned that:

“I still believe in a dream that cryptocurrency will give me more profit in the years to come and will help me build my dreams in the future.”

Learning from his experience, the trader also shared that he now has a new game plan for trading crypto. He said that he learned strategies like dollar-cost averaging and has been learning to read graphs and indicators. He also shared that he now does extensive research before investing into crypto tokens.

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