The current worldwide economic situation is chaotic. With the recent crash of Luna and UST losing its complete value there is so much panic. I have also heard about suicide cases, I am not sure how much this is truth and how many have taken this harsh step but even if one person has done then it is the saddest thing that has happened.
We can also say that people should not take such drastic steps but we really cannot judge anyone, we do not know what is at stake for them. And it is very obvious to lose your mind and strength in such times. But still people should think that nothing is more precious than life and not take such harsh actions on themselves. Yesterday I was feeling very sad, when I read one post about the same thing. I cannot hold back my tears thinking about this. I was thinking how much importance do people give to money that they can even take their life for it. I am sure it must have been the most desperate situation for them. And from the other side we can never judge their state of mind. Hence, it is also important to strengthen our mental health that situations like these in life do not hit us down.
With the recent Sri Lanka economic crises, world wide inflation, Stock markets crashing down, it really scares me as to what is really safe. These are the after effects of Covid that most of the Economist have been talking about and now we are facing it.
I read one Youtuber posted that he lost 2.8 million dollars in Luna, which is now worth only 1000$...pheww that must have been terrible. He also mentioned that he faced some big losses in past also which made him depressed and undergo therapies. My point is that if you have already gone through one hit then why should you take such heavy risks again and display your level of foolishness. Altcoins are good but personally if I have that kind of money I will prefer to stay in BTC and put little amount across other Altcoins.
All Investments are subject to market risks. If you make millions there are chances of losing millions as well. Crypto market surely needs strong hearts and it is not for the weak ones. As such even the Indian stock market crashed and in just 4 days investors lost over 13 Lakh Crores. It is crazy, so much more than the overall Crypto loss.
While we are saying that Crypto is a good investment and I still have my faith in it but still this incident gives me shivers. The one lesson that strongly we need to take here is not to put all the eggs in one basket. Financial portfolio has to be diversified. The ones who have been in the Crypto market now for sometime have less inclination towards investments in fiat currency, but still I believe that the investments have to be distributed in Fiat currency, Gold, Real Estate, Bonds....and act sensibly with our funds.
I did lose some UST in this fall, but I am hoping that with the market recovery things will get better. As of now nothing feels safe. Keeping the money in banks is also not 100% secure. So everything at this stage looks scary, now the question is which one will give lesser impact.
Thank you for visiting my blog. 👼🏻👼🏻💖💖🌹🌺🌸
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