Key Insights
- In Kolkata, India, a 23-year-old engineer almost jumped off the Vidyasagar Setu bridge on Friday.
- The youth told the police that he had invested in cryptocurrencies using loans, and had suffered severe loss
- India is currently the seventh-largest country in terms of crypto adoption
- There is a growing need for crypto education as this new tech becomes more popular
The cryptocurrency market is a highly volatile one, and it is fairly easier to incur losses than to make gains.
And while some of these losses can be mitigated with proper risk management strategies, others can be quite substantial and may result in drastic behaviours from the investors they affect.
In Kolkata, India, a cab driver’s immediate call to the police and their immediate response may have been the only thing that prevented a 23-year-old engineer from reportedly jumping off the Vidyasagar Setu bridge into the Hooghly, around 8 am on Friday.
Borrowed Investments
As soon as the police arrived at the scene, they managed to stop the (still unnamed) youth from jumping into the river and ending his own life.
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And when questioned, the 23-year-old engineer told the police that he had invested in cryptocurrencies using loans, possessions, and even money from his mother’s pension and had suffered significant losses.
He had apparently been receiving threatening phone calls from those who had lent him money in previous weeks, prompting the desperation that caused his walk to the bridge, with the aim of taking his own life.
India’s Impressive Crypto Adoption Rate
While the youth’s actions were tragic, it is important to note that India is one of the fastest-growing economies, as far as cryptocurrency adoption goes.
By the end of 2023, India is predicted to have more than 150 million crypto users.
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India is the seventh-largest country in terms of crypto adoption after Australia, the United States, and Brazil, which take the top three slots, according to a HedgewithCrypto report.
Since its peak in November 2021, the cryptocurrency market has lost about $2 trillion in value, and investors from all across the world have had a fair share of bad luck. The failures of some of the biggest companies over the previous year had an impact on cryptocurrency investors all around the world.
Nonetheless, studies show that Indian (and other) investors’ faith in the asset class and intermediaries is still robust, despite the protracted crypto winter and some large enterprises failing to survive.
Crypto Education Still Necessary
The young man’s actions and what prompted it, while unfortunate, may have been due to the low rate of awareness among the world’s crypto users.
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A good percentage of cryptocurrency investors jump in, in a bid to make a profit while disregarding the rules for safe cryptocurrency trading.
There have been several heartbreaking stories of people taking drastic action after significant losses, including a Taiwanese man who reportedly took his own life after losing about $2 million to the Terra crash in 2022.
All of these stories point to the growing need for crypto education, as the adoption of this technology grows.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
