My buddy swore by crypto for savings back in 2021, told me to dump my emergency fund into Bitcoin

He put in 15k and lost half of it in 6 months while I kept my cash in a regular bank account, so who was right about controlling your own money when it tanked that fast and he couldn't even cash out for 3 days during the crash?

3 comments

3 Comments

gibson.morgan14d ago

My cousin Mark threw 10 grand into Dogecoin back in April 2021 because some guy on YouTube said it was gonna hit a dollar. He watched it climb to almost 30k on paper and then it crashed so hard he couldn't even log into his exchange account for two days. By the time he got back in, his 30k was down to 4k and he just sat there staring at his phone like a ghost. Meanwhile I had my savings in a plain old credit union account earning 0.2% interest but at least I could walk in and pull it out anytime I wanted. So who really had control over their money - the guy who could touch it or the guy who was locked out while it burned?

west.casey14d ago

Did you see that story about the guy who had like 500 Bitcoin on a hard drive and accidentally threw it away? That's the same energy here. Mark basically handed control of his money to some exchange and a YouTube influencer. Meanwhile you could walk into your credit union and say "I need my cash" and they'd hand it to you. That's real control, not watching numbers on a screen while servers are down. I swear people forget that if you can't actually spend or withdraw your money, it's basically just a video game score.

claire_young7613d ago

Read an article that said something like 20% of Bitcoin is just permanently lost.