Originally Posted by
MrPerson126
Agree completely. I know a few, a few people who have become actual millionaires off crypto, while I've been sitting on the sidelines making a smaller amount buying conservative stocks. BUT, whatever the investment class is, if your WL is telling you to buy into it, take that with a grain of salt. If your ML/WL told you now is the time to buy BHP, or Westfield, would you?
Yes, the crypto doubters of 5, 4, 3, 2 and 1 year ago were wrong, and said it will fall any day now and were wrong, and missed out on so much money doing that. BUT, now that crypto is mainstream, truly mainstream, and even WLs are getting on board, how confident are you in holding for longer? IS this an investment you could hold for ten or more years? Would you be confident putting your savings into it and never even checking it? If it's a well managed, solid investment, in most cases you should be able to.
Another note, bubbles can continue for a long time. Holland's infamous (and somewhat exaggerated) 'Tulip Frenzy' lasted 3-4 years at its peak. The South Sea Company bubble lasted 3 years. The Dot Com Bubble took 5 years to dip, and 6 to completely crash.