Why I Don't Invest in Cryptocurrency? Explained

EthereumMax crashed 98% after Kim Kardashian promoted the coin in 2021*

Often, individuals advocating for cryptocurrencies are driven by financial incentives, either through payment for promotions or having a vested interest in the success of a particular coin.

Unfortunately, there have been instances of "pump and dump" schemes, where social media users artificially inflate the value of a crypto and encourage others to invest. Once the value rises, they sell their holdings, causing the coin's value to plummet. Regrettably, many investors end up losing their hard-earned money.

An example highlighting this issue is the case of Kim Kardashian, who was fined for failing to disclose the compensation she received for promoting a "pump and dump" crypto scheme.

It's important to note that the cryptocurrency market lacks regulation from bodies like ASIC.

Crytpo is often glamourised and that you can 'make easy money'. However, while some individuals have made significant profits, there have been numerous cases of people losing money, such as the FTX collapse.

The documentary on Netflix, "Trust No One: The Hunt for the Crypto King," released in 2022, shed light on the prevalence of crypto scams. It left me feeling cautious and wary of potential fraudulent activities in the crypto space.

There are alot of paid crypto courses and groups. If the creators were successful crypto investors then they wouldn't need to sell a course to make money.

Given my limited understanding of crypto, I don't feel confident or comfortable investing.