Inside the mind of a boomer during a crypto crash

I helped my 71 year old dad get invested into crypto this year because he finally showed interest and wanted to get in on it. He bought in when Bitcoin was at 55k. He bought a couple different stable coins and Dogecoin because he liked it a lot.

He thought that Bitcoin was going to hit 100k by the end of the year. I told him it's just as likely that the market will crash. He didn't seem to mind at the time.

Fast forward to the crash we are now experiencing. He calls me up when Bitcoin first went down to 33k. He laughs it off and says the market pulled back and he got in at a high. I told him it's fine, it will be back up in the long run. He told me to sell off some of his coins, so I did.

Bitcoin hits 41k. He calls me again. "Hey, buy back those coins and get more Dogecoin." He read some article about doge getting listed on Coinbase. I told him it's not good to buy and sell at every swing. He didn't care, so I bought his coins.

Now, Bitcoin and alt coins are plummeting. (especially Doge) He calls me up once more. "The market is a bloodbath. They say Doge is going to hit $0.05 soon." "I need you to sell everything, every last coin." I told him that he should just hold. Nope, sell everything… So I did.

I can't wait for Bitcoin to go back up to 36k, so he can call me up to buy back his coins 😂

Moral of the story: Don't invest like a boomer. But seriously, it is interesting seeing the thought process of a boomer. How influenced they are by articles they read and tv they watch.

P.S. love my Dad, wished him a happy father's day. Wish he would take my advice more though 🙃

Edit: not all boomers are like this and my dad hasn't been great at investing throughout his life

submitted by /u/winvesting
[link] [comments]

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: