Why would he put all of his money in crypto?

[Anonymous]

So my boyfriend apparently lost $12k he had almost $70k in the bank now he has $40k. I knew he dealt with cryptocurrency, but I didn't know he put all of his money in there. I'm like "why would you put all of your money if you lost that much?" He said " why not just having money sit and not making anything, I trust doge". I'm sitting here thinking wtf. I wanna do stocks too but I'm not putting everything I have in there.

[Adam1978]

The money isn't really lost until he sells. As long as he keeps them they can in theory return to the value he bought them at or more. Personally I think crypto is a scam. It's just a speculation bubble.

When it comes to investments you should never invest anything you can't afford to lose. And you also need to invest long term in things you have knowledge in and believe in. Because the money you invest will basically be locked away, the same way you lock money away when you buy a house.

I wouldn't advice anyone to enter the stockmarket right now as a rookie. We are in a bear market and it's very easy to lose money. But it's always a good idea to learn the game and maybe in a few months when the market seems to reach the bottom. It worth investing in stocks again.

[Asker]

He told me he lost $12k so I believe it's lost. He's been doing side work to get his money back up

[Adam1978]

Well that is how the market work, someone needs to loose for another to gain. The money does come from thin air. It comes out of someone else's hard work.

[Asker]

Wild man

[jahaims]

High risk high reward. I retired largely due to investing in crypto.

[Dinklex3]

To be fair, that's not "everything he has".
Never put in more than what you're willing to lose.
A friend put in 15k which is pretty much gone, lol. My mom lost 30k doing stocks before too.
Sometimes you just hand to accept your losses and move on.
Some put in more than others.

[Siren777]

If he doesn't risk then no reward. Money comes and goes. You have to risk to make more. It surely is a gamble.

[RedStiletto88]

Oh dear. You have a gambler as a boyfriend. I’m sorry.

[abc3643]

YES
CRYPTO = BULLSHIT

Avoid it completely.

[elizsaeli]

I think he was hoping the crypto would increase in value which would make his net worth go up

[jasco]

Same at most put 100 not thousands