Vinny Zane has a taste for life — and an appetite for risk.
The 38-year-old teacher and father of a 2-year-old son on Brooklyn’s Coney Island got into crypto in 2017 with $4,000 worth of Bitcoin, and jumped into NFTs, or non-fungible tokens, last year.
“It was a learning curve for me,” he told MarketWatch. “We’re still fairly new in the cryptocurrency space even though it’s been around for over a decade. I started FOMO-ing into all these little coins, and everything was doing well at the time. I was, like, ‘Whoa, it’s incredible. I’ve no idea what I’m buying, but I’m going to keep buying.’ My $25,000 ballooned to $63,000 super-fast. I was like, ‘OMG, this is amazing.’”
Zane experienced his first crypto bear market in 2018 when the Securities and Exchange Commission made noises about regulating the space, and he has had a wild, crazy ride ever since. Cryptocurrency is still the Wild West of investing with multi-million-dollar hacks, which in some cases Zane has managed to dodge by the skin of his teeth.
Like many other crypto enthusiasts, he is feeling his way through the latest slump in digital currencies, a bear market wrought deep by red-hot inflation, interest-rate hikes and geopolitical uncertainty. Cryptocurrencies were heading for more dramatic losses over the weekend. Bitcoin, the world’s No. 1 digital asset was last trading below $20,000, down more than 70% from its peak of around $65,000.
As investors reevaluate their investments in risky assets with talk of recession growing louder and the stock market heading for another week of red, Zane is holding firm. He has, after all, already watched his investments implode in 2018. It was not pretty. “It was dropping by $7,000 to $8,000 a day,” Zane said. “After about two weeks, I was basically even. I thought, ‘Screw it. I’ll leave it there; maybe it will come back up.’ Over the last two years, I have had a huge loss.”
“‘It was dropping by $7,000 to $8,000 a day. After about two weeks, I…