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PSA: Please don't put your entire life savings into crypto. It's extremely high risk.
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I've seen alot of comments about people putting their life savings, or significant sums of money in coins, and altcoins, chasing for that high "TO THE MOON"

Investing in crypto is like investing in any other asset or commodity. A financial adviser will likely tell you that you should only invest in assets with a risk level in line with what you're prepared to accept. And only an amount which isn't going to leave you struggling or unable to meet your immediate and future obligations.

Cicunstances change. Especially in a pandemic. You could become ill, be made redundant, be furloughed. And find that the only money you have is tied up in crypto and currently 25% down over the month. So if you have a good reserve in the bank and fancy putting a small percentage of that away in crypto, then that's probably okay.

But investing your entire life savings in something that you likely don't fully understand, with absolutely no reserve fund, with a high risk of significant or total loss, you would essentially be writing your own death sentence, not to mention the death sentence of individuals that are dependant on you (kids, spouse etc).

Please be sensible. For the sake of your dependants. They'd rather survive whilst things are a little tighter than be homeless with a mum and dad that can't afford to feed them.

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3 years ago