I overheard someone in the office this week talking about how their 30 year old son has put all his life savings into Bitcoin. All $70,000 of it. He told his Dad that “the old ways” are over and that this is the new way of making money. Whatever that means.
The guy was scared for his kid. He was an old-timer, worked hard, took the conservative way with investing and saving. He built up his slice of the American Dream. He doesn’t understand this one bit.
Yeah. I get it. I’d be scared too if my kids took all their lunch money and bought whatever cyrptocoin was the flavor of the month, but what are you going to do? Manias are part of being human.
While everyone is foaming with FOMO in the Crypto markets, I’m buying stocks. Looking for good deals here and there, buying names I know. Does that mean I’m shunning the Cryptos? Not at all. I have a toe in the Crypto markets but it’s my pinky toe.
Will this end badly? You bet.
When? I have have no idea.