What do your family and friends think about crypto now?
I’ve never been a crypto evangelist or told people that they needed to buy crypto because I think at the end of the day l, people need to be responsible for themselves. I have always insist that cryptocurrency would play an important role in shaping the future, whether it be bitcoin itself, or private blockchain changing the ways companies and governments function. My guess was always that bitcoin would stick around, that smaller coins would as well but be nowhere near as prevent as bitcoin and eth and that corporate coins and national digital currencies will come to compete soon.
My parents never really argued with me but they thought I was just exaggerating. For them, nothing is certain, and yet they seem very slow to admit that USD may not be worth so much in the future. Still, they seemed really happy that someone who hated the stock market for so many years was finally investing in something and that crypto taught me how market trends work (even if crypto is like other assets on speed).
Since corona started though it’s been “You were right about everything. This whole society needs to change or it’s going to collapse, you may be right about crypto too.”
I still have one friend who calls crypto “an entirely speculative asset”. He sees no inherent value in it whatsoever. It’s a shame too because he’s someone who would really enjoy hive, but the fact that it’s crypto really turns him off.
He keeps telling me to sell. I keep telling him, once the cycle looks exhausted. He rolls his eyes but he’s also rooting for me.
A year ago, my brother started to ask me questions about bitcoin and crypto, mostly how it worked and what influenced the price and what different coins did. That made me happy. I told him it might be good to put a little bit every month into bitcoin. At the time it was 5k. I didn’t have much to invest but I put as much as I could into btc at that time.
He was still scared because it was so low but then he saw it go to 8k and wanted to open a coinbase account. He finally got around to it at 10k and then stressed about it until it went up to 14 or 16k and finally bought in. The. He sold at 23k, hoping to buy back lower.
At least he didn’t buy high and sell low...
Pexels
He’s been playing short term trades and not really investing and he made a few hundred dollars. I keep telling him that he’s better off just dollar cost averaging in because at some point he’s going to buy before a crash and then get stuck in his position, and he knows nothing about market trends so it’s all just gambling.
When bitcoin broke 30k my mom wanted in. She had never been against it but when she watched me 10x my savings, she realized it’s not a bad investment. A little late, but you know.
She still had a snails reflexes though. Whenever it dips she says “I’ll buy some tomorrow” and then waits a week and the price is up 20% or more. It’s happened 3 times already. And after all is said and done, she is just dipping her toes in.
“I bought .2 ETH!” Haha it’s cute.
I can’t help but thinking “coulda bought 2 ETH for that last year, but I keep my mouth shut. She’s a hodler so if she can stomach the drops, she’ll hodl through the next cycle.
It’s a bit sad that I can’t take them on the Life-changing-gains train with me, but they didn’t want to buy back then, so all I can do is send them presents every once in a while.
My father has the attitude “I’m old, you worry about the future”. Wish he’d stop watching such depressing news then.
But now my whole family comes to me for financial advice, which is hilarious because none of them took me seriously until I 10x’ed.
It wasn’t crypto shilling that they didn’t take seriously, they just never expected me to understand markets better than they do, which was surprisingly easy. Here I was, thinking they knew what they were doing for their investing...meanwhile they were just listening to stock brokers who were cheating them....
Oh well
So what’s the attitude among your family and friends towards crypto? Has it changed?
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