Crypto Frenzy: We Speak With A Middle Class Millenial Who Is In It

The current frenzy about cryptocurrency, meme coins and Elon Musk, can get confusing. We are going to break it down for you before you hop on the bandwagon.

Cryptocurrency works on supply and demand. There is a specific cap to the number of coins being circulated. The market generates returns based on scarcity. Scarcity is created when the community is bigger than the amount of available coins being circulated. The big players are called whales. It is of volatile nature as drops can range between 30-40% in a matter of days.

In an exclusive interview with our reporter, Aidil Amzah, a local investor with over 3k followers on Instagram gets candid on the reality of crypto investing.

Source: Instagram, thecasualinvestor

How long have you been dabbling in crypto and what pulled you towards it?

The fantastic ROI is what pulled me towards it. I’ve been dabbling in crypto since October 2020 but I bought my first coin which was Zilliqa in November 2020. I was introduced to it by a friend from an investment group where we share knowledge about stocks, etf, merger funds etc which is made up of many from the Malay muslim community.


It is a Singapore based company that is set up by 5 individuals including a professor from NUS. It is a stable coin as compared to volatile coins such as Shib or DogeCoin. The increase is slow as compared to most of the other coins out there. My initial deposit was SGD100 at the 3 cent mark. I started buying it at dollar cost averaging, where money is pumped on a weekly or monthly basis via a broker app called Coinhako. I made a gain of almost double the amount on my initial capital when Zil hit an all time high of 20 cents.


The returns are fantastic as compared to traditional stocks where the returns average is about 10-20% per annum. For crypto, you can get 100 or up to even 1000% ROI in a period of a year which is a lot of money.

The crypto frenzy amongst millennials and Gen Z.

It is the hype and the high returns per annum as compared to stocks. For example, Dogecoin went up 12000% since January this year. That is more than double! The hype caused by the community that backs the token contributes to the volatility of the coin. However with big gains comes the risks as well. What goes up drastically can come down the same way.


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My capital on Zil was 1.1k but I have made up to $500-1000 for now. However, the returns I made on another coin, Safe Moon, went up from $600 to $10000 in 4 days. The initial price was 0.0000013 and it went up to 0.000015. The percentage return was about 500%. I cashed out 5k.

It went down the day after that.


Use money you have to spare, don’t invest your life savings. Due to the volatility, be prudent when it comes to putting money into crypto. Personally, I use the profits from other investments to put into crypto for me to generate more money. I don’t use my capital.


They have a strong community, good for trading but not investing. Trading is when you speculate, your target is short term ROI. Investing is when you put in money for the long term returns.

Personally for me, meme coins are a mechanism for you to generate short term returns due to their high volatility where the change in price takes about 1-2 days.


My advice for beginners is to not jump onto the bandwagon without understanding the fundamentals of the coins. It is better to put money into stocks, property, merger funds, etf, gold etc. These are established assets for you to diversify your money.

Look for trends when considering coins to invest in. Crypto is hyped because it’s new, it’s a novelty with high returns.

Reporter’s Opinions: While the high ROI is definitely a pull, there is a risk factor to crypto investing if you’re not smart about it.

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What goes up that quickly will crash as well due to speculations of people, especially the likes of Elon Musk and Bezos.

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Also for those who are wondering if it’s halal to invest, listen to our NJU podcast where an ustaz explains further on cryptocurrency. Listen Part 1 & Part 2.

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Belalang Biru

Written by Belalang Biru

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