People often ask me about investing in cryptocurrency
I often relate it to the Beanie Baby craze
People got carried away with the craze, I remember the fear of missing out had people buying dozens of McDonald’s Happy Meals at a time throwing out the food and keeping the toy in the meal box aka these “ highly collectable “ beanie babies from Ty.
In the late 90's I went to a professional networking event at a hotel and in the ballroom next to ours was a Beanie Baby convention; I walked in and spoke with some people at the event many of them were there to buy, sell or trade their beanie babies.
I recall asking people what makes you believe that this object will retain its value and I heard many reasons why they hope it would; these are going to send my child to university, this is my retirement plan, and etc. But no one could tell me why they would retain their value or even what made this brand unique enough to withstand any serious competition.
By 2000 the bottom had fallen out of the beanie baby craze and you could see them piling up at grocery store check-out counters for a dollar.As I understand it some beanie babies still have value and I believe some cryptos will continue to have value after they finish crashing and burning.
Now I am not saying that some cryptos won’t still be around in the future, nor am I saying that they haven’t been good trades or that people haven’t made money from them, I am sure many of us know a few people who made cash from Beanie Babies too.