Re: Medical student $300k+ in debt... Crypto investments a way out?
Hey guys,
I'm currently a medical student in the US and will graduate heavily in debt in order to chase my dreams. The prospect of being $300k+ in debt is extremely anxiety inducing to me and have seen how it cripples freshly graduated residents. Until recently I've seen this as nothing but an inevitability but after following cryptocurrencies for some months, I've seen the promising potential of this field. I placed a test investment of a few hundred dollars and have already doubled my initial amount in less than two weeks. I am considering taking out an extra 10k in loans to invest in crypto (relative to 300k it seems like a drop in the bucket). Do you guys think it is in the realm of possibility to have that investment eventually pay off my debt? Currently I am invested in NEM, Waves and Wings. Thank you so much for your help!
I'm currently a medical student in the US and will graduate heavily in debt in order to chase my dreams. The prospect of being $300k+ in debt is extremely anxiety inducing to me and have seen how it cripples freshly graduated residents. Until recently I've seen this as nothing but an inevitability but after following cryptocurrencies for some months, I've seen the promising potential of this field. I placed a test investment of a few hundred dollars and have already doubled my initial amount in less than two weeks. I am considering taking out an extra 10k in loans to invest in crypto (relative to 300k it seems like a drop in the bucket). Do you guys think it is in the realm of possibility to have that investment eventually pay off my debt? Currently I am invested in NEM, Waves and Wings. Thank you so much for your help!
I agree with the replies here regarding being in an altcoin bubble. There is no way to establish a valuation for cryptocurrency, because there are no earnings, making the current valuations nothing more than speculation. Unfortunately, the only way to confirm it is a bubble is to wait until it pops, and we can only guess when that is. I firmly believe that there are still a few good altcoin investments, and the popping bubble is going to hit the ones that shouldn't have been there (over-inflated) in the first place.
My advice would be, if you are planning on investing now, to start with a specific dollar amount each month (good old-fashioned dollar cost averaging), and then you will never get caught spending it all at the top of of bubble. Make sure whatever you invest in has a big-picture view, and isn't riding on tech (that can be copied), a solution looking for a problem, or a promised roadmap that can't/won't be carried out.
I hear a lot that crypto is in the bubble. But how big is the bubble? And what will be the consequences after it pops? I am curious because I invest only in alts which seem to have a decent technical background and good idea. I understand that shitcoins that are pumped will be dumped. But what about good coins?