started saying things like “you don’t have to give all of it, just some of it” and “It’s not like you need the whole thing”. I had to explain to them that this was an investment and I was not a bank.
Cryptocurrency is an exciting new asset class that has made many people incredibly wealthy in a relatively short amount of time. But it can also be a source of envy and resentment if you’re not careful who you share your financial successes with.
I’ve been involved in cryptocurrency for a few years now and I’ve made mistakes along the way – one of them being telling people in my personal life about my crypto investments.
You may think it’s harmless to tell your friends that you’ve purchased a cryptocurrency worth $2,000, for example, but that could be a dangerous move. $2,000 might not seem like a lot of money, but in many areas around the world it can be enough to cover rent. If your friends start hearing about the huge gains others are making in the crypto markets, they could become jealous and resentful of you.
I myself made this mistake during the last bull market. I invested $100 in a token called KSM and it shot up to around $550. I cashed out at around $450-480, turning my $100 investment into $20,000. I was so excited about all the money I’d made that I told my mom about it. Of course, she then told my sister and her husband – who then asked me to “help pay” for their car repairs. When I told them that it was an investment and not a personal bank account, they didn’t take it too well.
The lesson here is that if you’re investing in cryptocurrency, it’s best to keep the information to yourself or to those who won’t be jealous or resentful. You can share your successes with people in the crypto community who are genuinely happy for you, but don’t tell anyone in your personal life. It could lead to difficult conversations and put a strain on your relationships.
At the end of the day, cryptocurrency can be an incredibly rewarding asset class – but it’s up to you to make sure that you don’t let it get in the way of your relationships. Be careful who you share your financial successes with and remember that it’s always best to keep your crypto investments to yourself.