1839: Lessons From the Great Crypto Crash of May 2021 by the Escape Artist on How to be Cautious When Investing

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🗓️ 23 March 2022

⏱️ 11 minutes

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Summary

Barney of The Escape Artist shares lessons from the great crypto crash of 2021 Episode 1839: Lessons From the Great Crypto Crash of May 2021 by the Escape Artist on How to be Cautious When Investing Barney Whiter writes about money and financial freedom at The Escape Artist. He has a degree in economics, is a qualified chartered accountant and had a 20 year career in corporate finance in London. Most recently, he is providing financial coaching to entrepreneurs, employees, and other people saving and investing towards financial freedom. The original post is located here: https://theescapeartist.me/2021/05/21/lessons-from-the-great-crypto-crash-of-may-2021/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, Episode 1839. Lessons from the Great Cryptocrash of May 2021.
0:08.7	By Barney of the Escape Artist.me, and I'm your host and personal finance enthusiast, Diana
0:15.3	Mariam. Now let's get right to it and continue optimizing your life.
0:24.3	Lessons from the Great Cryptocrash of May 2021.
0:28.4	By Barney of the Escape Artist.me.
0:32.4	Last week I wrote about crypto and said it was in a bubble.
0:36.3	Quote. Yes, this is a bubble. Yes, lots of punters will get wrecked as the lingo goes.
0:43.2	Traders gonna trade and it's not my job or your job to save them.
0:47.6	End quote. And then just days later, crypto markets crashed.
0:52.8	It would have been good if my time machine had been working a little better
0:56.9	and I had gotten to the crypto market a little earlier, probably around 2011 would have been nice.
1:03.1	Or a little later, like yesterday after the crash.
1:06.9	But we are where we are and on this blog, we're in the business of learning.
1:11.6	And what a time it's been for that.
1:14.1	Wednesday was an amazing day in the cryptocurrency markets.
1:18.1	When I got back from the gym, I fired up my laptop and watched my screen as everything crashed.
1:24.0	At one point, I couldn't get on to the Coinbase site and wondered if this was the big one.
1:29.7	The meteorite strike that wipes everyone out could everything go to zero.
1:34.9	It reminded me of what free markets look like with no bailouts and no central banks stepping in
1:41.2	to support the price. I was only 17 at the time, but it must have been a bit like the great stock
1:47.6	market crash of 1987 when the S&P 500 felt 30% in a couple of days.
1:54.7	Market crashes like this teach us humility. As investors, we have a view on where things will
	...

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