Young investors playing the long game as cryptocurrency market crashes

The cryptocurrency market is taking a dive but young investors say they're doubling down and playing the long game. 

But not everyone is weathering the storm.

At just 23 years old, Harry Satoshi has already been in the crypto game for five years. 

"I was looking for a get-rich scheme that would propel my wealth very fast in a short amount of time with little capital," Satoshi said.

He was so swept up in his scheme that he even changed his name to Satoshi, after the founder of Bitcoin Satoshi Nakamoto.

But almost immediately, the crypto market started crashing and investors lost 30 percent overnight. However, Satoshi remained calm. 

"I've lost $30,000 but I'm pretty numb to it in all honesty. I'm in it for the long run and I'll make that money back," he said.

Crypto markets are known for being a wild ride and this crash isn't Satoshi's first rodeo. 

In 2017, he sold his motorbike and laptop to raise $2000 in capital and bought Bitcoin. 

"The months following that I pretty much lost 80 percent of it but I kept buying for three or four years and it paid off," Satoshi said.

Josh Bunker, 21, also said the crash is just a speedbump. 

"I just put more money in my account and started buying more," Bunker told Newshub.

He lost $2000 overnight but said he's also in it for the long haul. 

"I try to put a certain amount away each week because I know it'll help me in the future."

Local crypto trading platform BitPrime was forced to stop operations last week as prices plummeted but investors have kept the company afloat. 

Chief executive Ross Carter-Brown said young people should treat crypto as a long-term investment, not a get-rich-quick scheme for their house deposit.

"That's probably one of a number of factors that might've driven an unhealthy approach to the crypto market."

Satoshi is definitely taking the recent downturn in his stride.

"In 10, 15, 20 years from now, it'll be unrecognisable, the technology in many ways," he said. People won't care [if] they lost 30 percent in 2022."