When Doug Milnes started buying cryptocurrencies in January of this year, he felt like it could become an entirely new asset class for investors.
Right now what it is making him feel is extremely unsettled.
The marketing executive from Summit, New Jersey, says his holdings, including a number of different cryptocurrencies like ethereum, are down around 60% from where he bought. What was 2% of his portfolio is now around 0.8% – making him wring his hands about whether to hold on, head for the exits, or buy the dip.
Of course, crypto is hardly alone in flying through heavy 2022 turbulence. The stock markets officially dipped into bear territory earlier in June – the S&P 500 is down more than 19% year-to-date as of Wednesday, and the Nasdaq is down more than 28% over that time frame.