Buying crypto in 2023 despite big losses! Barbers jialat.

I am just talking to myself about some things an article in The Straits Times has mentioned.

How to help young people who are still enamored with cryptocurrencies despite the horrific crash?

OCBC says about 1 in 5 Singaporeans are invested in crytocurrencies.

On average, Gen Z and millenials who made losses lost 40 per cent from crypto investments.

Surprising thing is 39 per cent of those in their 20s are still likely to invest more in cryptocurrencies in the next 12 months despite their losses.

I will say 2 things here:

1. Buying cryptocurrencies in the hope that prices will go up so that they can make money by selling to someone else is not investing but it is speculating.

2. Buying more of any asset when Mr. Market offers a lower price is only a good investing idea if that asset is a bona fide income generating asset.

Anyway, how to help these young people?

World Economic Forum suggests that financial literacy education is key and suggests that people can use trusted blogs to learn about investing fundamentals.

AK wonders how can we tell which blogs are trustworthy and which are not?

Article went on to say that regulators should require companies selling or promoting financial products to have a "fiduciary standard of care."

Alamak.

Then, what happens to all the bloggers and Youtubers telling people to put money here and put money there for higher returns?

Some are also promoting get rich quick schemes in various forms?

Many if not most are sponsored to do promotions.

All will kena like that?

Remember not to ask barbers if we need a haircut?

Now, the barbers will tell you what haircut is better for you because they need to provide "fiduciary standard of hair."

Am I right to say that?

Barbers jin jialat like that if I am right.

The article says setting higher standards for financial services firms could protect young people better.

Operative word here is "better."

It won't protect anyone who is stubborn and who still wants to follow "evil" investment gurus.

Ignorance is bliss?

Blissfully ignorant?

Very headache but what to do?

References:

1. Gold, silver, and Bitcoin as insurance. (AK has some too.)
2. Walk F.I.R.E. enter demon?

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