Pumptober has been a beautiful sight to see. Coins pumping left right and centre thanks to Big Daddy Bitcoin making a new ATH!
It’s very easy to feel the fear of missing out (FOMO) when you see astronomical gains across the charts. It’s risky to chase a pump but sometimes we do it just for the thrill of it – and that’s okay…as long as the money we are investing is something we can actually afford to lose!
When I say “lose” I mean literally turning your $100 into $0.
Crypto is a ridiculously volatile market and although it’s not uncommon to see 10x or even bigger gains, it’s even more common to see people lose all or a large chunk of their money. Cough Suid Game Cough
I see it a lot in the daily, people taking loans out or over-investing their savings into a project — this is a huge risk because nobody knows what’s around the corner.
I honestly couldn’t care less what coin you want to invest in, or even whether you’re going to do research first or not – but if you’re going to be investing, make sure your bills are paid; there’s food in the fridge; and that even after you’ve deposited in, that there’s still fiat aside for random emergencies.
Anything can happen. Be prepared!