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I've got a close elderly family member who's recently gotten fixated on investing in crypto, watching all the YouTube videos on the subject.
I don't know enough about it to confidently say they're going to lose all their money, I've never looked into it because it just screams get rich quick scheme, but I don't have high hopes for them.
It happened to my relative. They didn't lose everything, but they lost enough that they're shopping for a mobile home for retirement, when they previously could have bought a small house.
I put $50 out of random paychecks into BTC.
It’s done pretty well and I’ve bought a few toys with the profits.
I might actually suggest this to that relative. They're close to retirement and I believe are planning to put a percentage of their savings into BTC which has me apprehensive, but starting out with just $50 here and there to get a proper feel for it seems way less high stakes for learning.