Family member is delusional about crypto. How can I wake him up?

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by bimodaldist

Hello all, I have a family member who is approaching his 40’s and he is hell-bent on throwing every dollar he has into Ethereum. He is one of those people who drinks too much, is too loud, and is generally terrible with money. I intern in the financial industry, in actual trading, but he just seems to ignore me completely.

He has this idea that he missed out on getting rich through bitcoin, so he thinks buying Ethereum at all time highs is equivalent to buying bitcoin at 4K. He’s not understanding that price means nothing and market cap is a more relevant indicator of your timing. Ethereum already has an enormous market cap and the upside is limited. He is also one of those who don’t understand that there is no thing as getting rich quick. I’ve tried telling him about just holding a diversified portfolio and making monthly/yearly contributions but of course it falls on deaf ears.

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I’m worried that if/when we see another 50% drop overnight, he’s going to be wiped out. He has kids who will feel it too. And i get it, a lot of Americans are feeling insecure about retirement and they feel like they must make last ditch efforts to make up for years of poor finances. But this is reality, I know for certain that this guy is going to get burned chasing the next big thing. He got lucky and bought GME, which he then blew the proceeds on luxury rentals and alcohol. Now I think he’a chasing that high again.

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How do I not feel responsible? How do I wake him up? Should I not care?

 

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