There was a funny moment at work today when one guy mentioned Bitcoin is up and had no clue why it was up and why his whole portfolio was up. I think there are those of us in crypto who know everything that is going on and then there are the rest who have no clue. The thought that someone had no idea why their portfolio was up and never took the time to find out is a scary thought.
He got into crypto back in early 2018 only because I had got involved and has basically kept the same portfolio since that first week and has done zilch since. He mentioned that some lady friend talked him into buying $600 of another coin a few months ago which I have never heard of before on OKX and it tanked as soon as he bought it. I must ask him again out of curiosity which coin it was that he bought.
I did chuckle thinking that this guy follows the prices closely to pick up todays upward movement and also wanted to know about the 2 dips over the last week. Lets just say he does not read and is genuinely in the dark about everything that is going on and had no idea about the Bitcoin ETF's. I did mention why the two dips happened and why today prices were expected to rise and continue to rise whilst the buy in process happens.
There are some people you can help and there are others who just want to be spoon fed. I gathered he is in the second category and needs to take things a little more seriously. He doesn't have a fortune invested currently, but his portfolio is decent enough to be worth something and could have been worth a hell of a lot more if he had staking involved. Relying on price movement alone excluding the compounding growth affect is a big loss especially as this is his 6th year.
I know when I invested the price of Bitcoin was R100 000 ($6K) because I got 0.1 BTC for my R10K investment and he invested double getting 0.2 BTC. If he had just left his BTC as BTC instead of buying alts he would have $9.2K now instead of $1620. The chance are he will be in profit by the end of this year and only highlights anyone with no clue can still make a profit in crypto.
The potential that crypto offers everyone is off the charts if you are prepared to take the time and actually learn and read up what is happening. Buying blindly into something because someone else tells you it is great is asking for trouble and why I will point something out, but will never tell someone to invest. Everyone wants the 1000 x gem and that won't happen if you buy on an exchange like he does being Luno that has only a limited selection of the so called top cryptos.
