So You Told Your Family To Invest In Bitcoin, Dogecoin And Ethereum At Thanksgiving Last Year? Here's How Much They Now Have (And Why You Might Be Eating Alone)

view original post

© Provided by Benzinga

For many Americans across the country, meals will be had with families on Thursday to celebrate the Thanksgiving holiday. One topic of conversation could be dreaded by some family members.

What Happened: The Thanksgiving Day holiday traditions for many include watching parades, eating a delicious meal, watching football games and hanging out with family. Topics of conversation at the dinner table could include school, work, politics and what many are likely dreading: the subject of cryptocurrency.

The cryptocurrency markets were riding high in November 2021 with Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) hitting all-time high prices and Dogecoin (CRYPTO: DOGE) still up significantly from the start of the year after falling from all-time highs in May.

Load Error

Family members discussing cryptocurrency were likely either supporting a further move up or questioning if investments in crypto were risky.

Family members who tried to talk their relatives into buying cryptocurrency might be hesitant to show up on Thanksgiving Day given the recent collapse in the price of leading cryptocurrencies.

The bankruptcies of Celsius and cryptocurrency platform FTX are among the biggest stories for the sector in 2022 and have many questioning if the cryptocurrency market is here to stay or could disappear.

Related Link: The Turkey Trade: How Does The Market Historically Perform Around Thanksgiving 

Investing $1,000 in BTC, ETH, DOGE: If a relative did end up being convinced and decided to invest in cryptocurrency for the first time on Thanksgiving Day of 2021, they are down big.

Here’s a look at how investments would have fared over the last nearly one-year period, investing $1,000 in each of Bitcoin, Dogecoin and Ethereum.

A $1,000 investment in Bitcoin on Thanksgiving 2021 could have purchased 0.0168 BTC. The investment would be worth $276.74 today based on a price of $16,472.43 at the time of writing. The investment would be down 72.3% since the holiday last year.

A $1,000 investment in Dogecoin on Thanksgiving 2021 could have purchased 4,370.63 DOGE. The investment would be worth $354.02 today based on a price of $0.0810 at the time of writing. The investment would be down 64.6% since the holiday last year.

A $1,000 investment in Ethereum on Thanksgiving 2021 could have purchased 0.2353 ETH. The investment would be worth $274.93 today based on a price of $1,168.41 at the time of writing. The investment would be down 72.5% since the holiday last year.

In total, a $3,000 investment in the three well-known and discussed cryptocurrencies would be worth $905.69 today, down 69.8%.

Read Next: How Much $100 In Bitcoin Today Could Be Worth In 2030 If Cathie Wood’s Price Prediction Comes True

Continue Reading