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Originally Posted by Gatordash
Its just got a lot of get rich quick vibes. Squidgame coins. AMC coins. Dogecoin. Lots of things just not adding up. And not adding up in all markets, not just crypto. P/E Ratios are like 5-10 times earnings right now. I think its just a tough time to go all in on one area imo. People should be diversifying their investments to reduce risk.
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100% agree on your first point. Lots of scams in crypto. Lots of crapcoins with no value. Lots of pump n dump, rug pull, self-serving BS. 100% this. It's true with the stock market except less outright scams. Mostly "this penny stock will go the moon."
I don't touch doge, shiba inu, or any other meme/crap coin.
My initial fascination with BTC in 2010 (yes, I wish I bought more and held longer - no, I am not a BTC millionaire) was philosophical: honest money. I didn't think it would do as well as it has, but now I see it's inevitable. Simply having a store of value that cannot be inflated... so simple yet so powerful.
Your second point I 100% disagree with. Growing wealth doesn't come through diversification. It comes through heavily focused, smart investing. You need to "put your eggs all in one basket, then watch that basket."
Once I am 9 figures, then I'll diversify for wealth preservation.