Dear Quentin, I read a letter from a reader last year who was suffering from crypto FOMO, and I have been following the crypto markets ever since. I felt like I missed the bus on Bitcoin, but now feel like my time has come. Is it time to go big or go home? I have another 25 years of a boring 9-to-5 job, and I just want out. The markets are tanking, and there’s talk of recession. I sit here day after day, doing the same old drudgery, and I want to have some hope that I may have an exit strategy.
Should I buy Bitcoin
and keep it as an early escape or even a retirement strategy? My 401(k) is a shadow of what it was last year. Can you please help? Always on the SidelinesDear Sidelines, I remember that letter vividly. He wrote: “I’m too old to sit and hope I can make up for the lost time by safely investing my little bit of money, and getting 5% returns on it for the next 15 years.” And I replied: “Dabble in crypto if you like, but again at your own peril. The same is true of the stock market. There are no guaranteed get-rich-quick schemes.” Nothing has changed. Many risks remain. I understand your frustrations. You feel trapped, and cryptocurrencies seem (or seemed) like a good get-rich-quick or get-rich-in-the-not-too-far-off-future plan. Neither of those prospects is likely, as you would have to risk a lot of money to fulfill that dream and would still end up losing your shirt, like many investors in crypto have. Of course, the key with any investment is to buy low and sell high. Crypto investor Josh Rager has done his own analysis on the rec …