In my other life I help people manage their financial affairs. In this line of business I come across people from all walks of life. Some are doing well, others are in need of more hand holding and organization. I get asked about everything, from car insurance to retirement accounts all the way to mortgage renewals. One question that I have been asked more often this month than in the last 3 years has been "should I get into crypto".
The “get rich quick” narrative seems to have resurfaced in the crypto space. It reminds me of one of the most famous market parables legendarily from John D. Rockefeller. Just before the 1929 crash, Rockefeller remarked that he knew it was time to get out of stocks when his shoe shine boy started giving him tips. His reasoning was simple: if speculation had reached the point where everyone was talking about it, the bubble must be nearing its peak.
What struck me most is who’s asking. It hasn’t been the super affluent or even the well off. It’s often people with little to no assets who want to put their limited savings into one of the most volatile and speculative asset classes out there. They are in the build phase and want to hit the winning lotto ticket. Its important to note that because the absolute values are so low I don't think its an awful idea. There are many ways to turn $100 into $25 that don't have the upside of Bitcoin.
But I have to wear my my professional hat, I try to remain open-minded. I do believe crypto will continue to evolve and eventually be recognized as a legitimate asset class. Having more than half your retirement account tied up in a crypto ETF could be a bad idea if you don’t fully understand it, have a low tolerance for risk, or lack a cushion to fall back on. Professionally I am in the business of risk mitigation. All or most eggs in one basket doesn't accomplish this well.
There are many differences between the 1920 stock market and current day crypto market.
- Access
- Liquidity
- Tick size
When the stock market turned in the 1920s you could not get out. There were no buyers. Although spreads are larger on Bitcoin trading then on Standard Oil. If someone wants to cash out $1,000,000 of Bitcoin they could instantly without moving the price that much. A trade like this would tank a companys share price in the 1920s.
I believe that public acceptance and awareness are good things and if you think a shoeshine boy could convince me to liquidate my Bitcoin, well I have a bridge to sell you.
Referral links if you want to start earning with me:
Bondex - A Cryptocurrency Jobfair.
https://bondex.page.link/EkXpY9Rsd6G2D3DW7?inviteCode=5CJK4R
ZBD Zebedee - An Earning Platform on the Lightning Network
Referral code: UWFARN
Rollercoin - Play Games, Increase Mining Capacity, Earn Crypto
https://rollercoin.com/?r=lnkxtxrq
KuCoin - 15 USDT for new accounts
Pay Pal - A bridge between online and offline money
Cambly - Teach English Online On Your Time
https://www.cambly.com/invite/XFE7JUVA?st=080823&sc=4
Receipt Hog - Monetize your receipts
https://app.receipthog.com/r/zamp3695
Referral code: zamp3695
Invitation - A depository for referral codes.
https://invt.co/?invite=BRdUxpVAX
FireFaucet - Crypto Faucet
https://firefaucet.win/ref/1102246?s=publish0x
KuCoin - Crypto Trading and Lending Platform
https://www.kucoin.com/ucenter/signup?rcode=rM3Y31U
Binance - Where I do my staking.
https://www.binance.com/en/activity/referral-entry/CPA?fromActivityPage=true&ref=CPA_00IM6PD2BT
COINapp - Earn Crypto while on the go.
Cointiply - Crypro Faucet
Publish0x - You know what it is!
https://www.publish0x.com/?a=xkaz6G87aJ
SWEAT Coin - Earn Crypto While on the move.
Pi Mining App - A daily crypto 'miner'
Coinbase - A Crypto trading platfrom
https://coinbase.com/join/hutchi_am?src=referral-link
Netcoins
https://netcoins.app/r?ac=M8P892
Shake Pay