Do You Know How Crypto's Nose-dive Will Even Hurt Your 401K?

Do You Know How Crypto's Nose-dive Will Even Hurt Your 401K?

Hey, it looks like if you did not invest in "Crypto," you were making a smart move! Wow. We got a lot to talk about here. Crypto has dived big time. It's incredible. What's happened? We get into that and more.

[Following is an automated transcript]

Hi Everybody. Craig Peterson here. Appreciate your joining me today. Spend a little bit of time with me. It's always a fun thing to do; thanks for coming in. and Thanks for sticking around.

[00:00:29] Cryptocurrencies. It's a term for all kinds of these non-government sanctioned currencies.

[00:00:39] And the idea behind it was I should be able to trade with you, and you should be able to deal with me. We should be able to verify the transactions, and it's nobody's business as to what's happening behind the scenes. And yet, in reality, Everybody's business because all of those transactions are recorded in a very public way.

[00:01:03] So crypto, in this case, does not mean secret or cryptography. It's referring to the way the ledgers work and your wallet. And, the actual coins themselves, a lot of people have bought. I was talking with my friend Matt earlier this week, and Matt was saying, Hey, listen, I made a lot of money off crypto.

[00:01:29] He's a day trader. He watches it. And is it going up? Is it going down? Which coin is the dogecoin? The way to go? Because Elon Musk just mentioned it. Is it something else? What should I do? And he buys and sells and has made money off of it. However, a lot of people have. And held on to various cryptocurrencies.

[00:01:51] Of course, the most popular one. Everybody knows about Bitcoin, and Bitcoin is pretty good stuff, bottom line, but 40% right now of Bitcoin investors are underway. Isn't that incredible because of the significant drop-off from the November peak? And this was all started by a problem that was over at something called Terra Luna, another cryptocurrency now.

[00:02:22] Already that there is a ton of vulnerable vol a ton of changes in price in various cryptocurrencies, Bitcoin being, of course, a huge one where we've seen 5,000, $10,000 per Bitcoin drops. On the other hand, it is an amazingly fluid, if you will coin. So several different people have come out with some plans.